Dollar hurt by string of soft US data

Fewer new homes were sold in the United States in October than economists forecast. Purchases of new homes were at a slower pace of 0.7 percent last month to a total of 458,000 at an annualized rate. Economists forecast home sales to rise to 471,000. September’s figure was at a revised 455,000.

Other weak US data showed that initial jobless claims increased by 21,000 to 313,000 in the week ending November 22nd , according to figures from the Labor Department. This was the highest since early September, from 292,000 in the prior period, indicating the pace of hiring has cooled down.

Durable goods orders data were also released on Wednesday from the Commerce Department, also an important economic release. Orders for non-military durable goods excluding aircraft, a proxy for future business investment in new equipment, fell 1.3 percent last month, the same as in September.

The string of disappointing US data pushed the dollar lower against most major counterparts.

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