Investing.com - The dollar turned lower against a basket of other major currencies on Monday, even after data showed that U.S. existing home sales rose more than expected in May to hit the highest level since 2009.
The National Association of Realtors reported on Monday that U.S. existing home sales increased 5.1% to 5.35 million units last month from 5.09 million in April. Analysts had expected existing home sales to rise 4.4% to 5.26 million units in May.
The greenback had come under pressure after the Federal Reserve's rate statement last week tempered expectations for a rate hike later this year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.15% to 94.17.
EUR/USD was up 0.42% to 1.1398, off lows of 1.1313 hit earlier in the session, after euro zone finance ministers failed to reach agreement over Greece’s bailout, but indicated that a final deal could be made later this week.
Following an emergency meeting of euro zone finance ministers Eurogroup head Jeroen Dijsselbloem said new reform proposals from Greece were “broad and comprehensive,” and a good basis to restart stalled negotiations.
He added that a final agreement could be reached later this week.
His comments were echoed by European Commission President Jean-Claude Juncker who said he’s aiming for a deal with Greece by the end of the week.
The Greek government submitted a new package of economic reforms to its creditors on Sunday night, indicating that it is prepared to make concessions to break a deadlock to unlock bailout funds.
Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the International Monetary Fund.
A default by Greece could trigger the country’s exit from the euro zone.
The pound was lower, with GBP/USD down 0.28% to 1.5842.
Elsewhere, the dollar was higher against the yen, with USD/JPY up 0.40% to 123.20 and steady against the Swiss franc, with USD/CHF at 0.9170.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.12% to 0.7760 and with NZD/USD shedding 0.26% to trade at 0.6891.
USD/CAD held steady at 1.2273.