RTTNews - The dollar steadied versus other majors on Tuesday as traders assessed a pile of economic data and President Obama's reappointment of Fed Chair Ben Bernanke.
Obama gave a vote of confidence to the banking system's chief regulator for the way he responded to the financial crisis.
Speaking in Martha's Vineyard, Obama said that Bernanke's background, temperament, courage and creativity helped the country to avoid another Great Depression.
Meanwhile, consumer confidence has rebounded in the month of August after seeing some deterioration in July, according to a report released by the Conference Board on Tuesday, with the increase partly due to an improvement in consumers' assessment of the job market.
The Conference Board said its consumer confidence index jumped to 54.1 in August from an upwardly revised 47.4 in July.
The relatively upbeat data fueled hopes that the US could lead a global economic recovery. The dollar firmed up after some early weakness versus the euro, holding at 1.4310. The dollar hit an 8-month low of 1.4446 versus the euro earlier this month.
Versus the sterling, the dollar extended its gains from the previous session, rising to a weekly high of 1.6350.
The buck continued its run of choppy dealing versus the yen, holding near 94. Barring a volatile week in early August, the pair has been range-bound for most of the summer.
At the same time, the dollar managed to steady versus the loonie, firming to C$1.0840. With the modest advance, the dollar stayed away from a recently-visited 10-month low of C$1.0630.
Back in the US, home prices continued to show a negative annual rate of return in the month of June. However, Standard and Poor's released a report on Tuesday showing that the pace of decline slowed by more than economists had been expecting.
The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May.
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