The Dollar fell today against most of the major currencies. The Dollar dropped close to 150 pips vs. the Euro and saw a 50 pips fall against the Pound. The Dollar also dropped about 100 pips against the Yen.
The Dollar's bearish trend came as a result of the U.S. New Home Sales report. The report showed that sales of new U.S. houses rose in June to 330.000, beating expectations for a 317,000 rise. The positive data increased optimism regarding the recovery pace of the U.S. economy, and as a result turned investors to look for higher-yielding assets, such as the Euro and the Pound.
Looking ahead to tomorrow, a batch of data is expected from the major economies. Traders are advised to focus on the U.S. Consumer Confidence report. This report is considered to be a leading indicator of consumer spending, and thus its results tend to have a significant impact on the market. A positive data might boost demand for risky assets further.