Dollar Rises on Stronger-Than-Expected Economic Leading Index

The dollar rose against most major currencies on Monday as the index of leading U.S. economic indicators unexpectedly rose in April.

The Conference Board reported on Monday that the Composite Index of Leading Economic Indicators increased 0.1 percent in April. Economists had been expecting the index to come in unchanged.

The index rose for a second month, signaling the economy may not keep weakening in the second half of the year.

The dollar was also bolstered by a report showing home sales surged 22 percent in April in Southern California, one of the hardest hit areas in the recent credit crisis.

The euro bought 1.5516 dollars in late New York trading compared with 1.5584 dollars it bought late Friday. The British pound fell to 1.9482 dollars from 1.9562 dollars.

The dollar rose to 1.0533 Swiss francs from 1.0474 Swiss francs, and rose to 105.26 Japanese yen from 104.17 Japanese yen. It fell to 0.9920 Canadian dollars from 1.0004 Canadian dollars.

 

Source: CRIEnglish