Investing.com - The U.S. dollar turned lower against the other major currencies on Tuesday, as market sentiment was bolstered by upbeat U.S. economic data, dampening safe haven demand for the dollar.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD up 0.27% to 1.2966.
Risk appetite found support after a report by the Conference Board said that its U.S. consumer confidence index rose to a seven-month high of 70.3 this month, compared to expectations for a reading of 63.0.
A separate report by Standard & Poor’s and Case-Shiller showed that house price inflation rose more-than-expected in July from a year earlier.
The S&P/CS House Price Index rose to a seasonally adjusted annual rate of 1.2% in July, the biggest 12-month advance since August 2010, compared to expectations for a 1.0% increase.
Meanwhile, sentiment on the euro was boosted following comments by German Finance Minister Wolfgang Schauble, who said European policymakers should do everything in their power to protect the single currency, adding that defending the euro was "worth any effort".
The euro weakened against the greenback earlier after German media reports that lawyers for the German central bank are examining the legality of the European Central Bank's bond purchasing program, setting the stage for a possible legal challenge.
Meanwhile, Spain saw borrowing costs rise at an auction of short-term debt on Tuesday, reflecting lingering uncertainty over whether Madrid will request a full scale sovereign bailout.
The greenback was trading close to a 13-month trough against the pound, with GBP/USD rising 0.22% to 1.6252.
Elsewhere, the greenback was little changed against the yen, with USD/JPY inching up 0.01% to 77.86, but was down against the Swiss franc, with USD/CHF losing 0.18% to trade at 0.9341.
Speaking earlier, Swiss National Bank Chairman Thomas Jordan said it was still too early to say if the crisis in the euro zone is easing despite falling sovereign bond yields and reiterated that downside risks to the Swiss economy remain high.
The greenback was weaker against its Canadian, Australian and New Zealand counterparts, with USD/CAD slipping 0.17% to 0.9769, AUD/USD climbing 0.27% to 1.0453 and NZD/USD advancing 0.60% to 0.8276.
The Canadian dollar firmed up after official data showed that retail sales rose 0.7% in July, outstripping expectations for a 0.3% increase, while core retail sales, which exclude automobile sales, rose 0.4%, surpassing expectations for a 0.3% increase.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.17% to 79.45.
Also Tuesday, ECB President Mario Draghi said the debt crisis in the euro zone is not over and urged governments to continue to take decisive measures to ensure the future of the bloc.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD up 0.27% to 1.2966.
Risk appetite found support after a report by the Conference Board said that its U.S. consumer confidence index rose to a seven-month high of 70.3 this month, compared to expectations for a reading of 63.0.
A separate report by Standard & Poor’s and Case-Shiller showed that house price inflation rose more-than-expected in July from a year earlier.
The S&P/CS House Price Index rose to a seasonally adjusted annual rate of 1.2% in July, the biggest 12-month advance since August 2010, compared to expectations for a 1.0% increase.
Meanwhile, sentiment on the euro was boosted following comments by German Finance Minister Wolfgang Schauble, who said European policymakers should do everything in their power to protect the single currency, adding that defending the euro was "worth any effort".
The euro weakened against the greenback earlier after German media reports that lawyers for the German central bank are examining the legality of the European Central Bank's bond purchasing program, setting the stage for a possible legal challenge.
Meanwhile, Spain saw borrowing costs rise at an auction of short-term debt on Tuesday, reflecting lingering uncertainty over whether Madrid will request a full scale sovereign bailout.
The greenback was trading close to a 13-month trough against the pound, with GBP/USD rising 0.22% to 1.6252.
Elsewhere, the greenback was little changed against the yen, with USD/JPY inching up 0.01% to 77.86, but was down against the Swiss franc, with USD/CHF losing 0.18% to trade at 0.9341.
Speaking earlier, Swiss National Bank Chairman Thomas Jordan said it was still too early to say if the crisis in the euro zone is easing despite falling sovereign bond yields and reiterated that downside risks to the Swiss economy remain high.
The greenback was weaker against its Canadian, Australian and New Zealand counterparts, with USD/CAD slipping 0.17% to 0.9769, AUD/USD climbing 0.27% to 1.0453 and NZD/USD advancing 0.60% to 0.8276.
The Canadian dollar firmed up after official data showed that retail sales rose 0.7% in July, outstripping expectations for a 0.3% increase, while core retail sales, which exclude automobile sales, rose 0.4%, surpassing expectations for a 0.3% increase.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.17% to 79.45.
Also Tuesday, ECB President Mario Draghi said the debt crisis in the euro zone is not over and urged governments to continue to take decisive measures to ensure the future of the bloc.