The dollar traded near the lowest in more than two weeks against the
euro on speculation
an industry report this week will signal the worst housing slump in a quarter
century is weighing on the U.S.
economy.
The currency was also close to a one-week low versus the pound before a report May 23 that
economists say will show existing home sales fell for a second month.
The dollar last week fell the most against the euro since March as a slide in consumer confidence
to a 28-year low and record oil prices raised concern U.S. economic growth will slow.
EUR/USD printed
lows around $1.5550/55 before rising up to $1.5600.
GBP/USD held
within the $1.9540/85 range.
USD/JPY fell
from Y104.30 to Y103.80.
U.S. home sales declined 1.6% to a 4.85
million annual rate in April, according to the median estimate of economists.
Losses in the U.S. dollar may be limited by speculation minutes from the
Federal Reserve's meeting last month will show policy makers are concerned that
rising commodity prices will fan inflation. The Fed on May 21 will release
minutes of its April meeting, where the policy-setting Federal Open Market
Committee cut the benchmark interest rate by a quarter point to 2%.