At 10:00 am ET, the U.S. Commerce Department is due to release its new home sales report for February. The consensus estimate calls for a decline in new homes sales to 300,000.

The greenback fell sharply against most major currencies ahead of the report. As of 9:55 am ET, the dollar was worth 1.4638 against the pound, 97.47 versus the yen and 1.3534 against the euro.

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