The U.S. Commerce Department released its new home sales report for February at 10:00 am Eastern Time. The report showed that new home sales in U.S. unexpectedly rose 4.7 percent in the month. Analysts were expecting the new home sales to drop to 2.8 percent.

The greenback recouped some of its recent losses against its major counterparts following the report. As of 10:05 am Eastern Time, the dollar was worth 1.4674 against the pound, 97.10 against the yen, 1.3606 against the euro and 1.1199 versus the franc.

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