RTTNews - The dollar was mixed Tuesday morning in New York, ticking slightly lower versus the euro while holding its ground versus most other major currencies.
There was little reaction to news that President Barack Obama will be nominating Federal Reserve Chairman Ben Bernanke for a second term in office.
Traders await economic data related to S&P/Case-Shiller home price index for June at 9.00 am ET and a reading on consumer confidence for August at 10.00 am ET.
Economists expect a 16.40% year-over-year decline in the house price index for June, and a reading of 48 for the consumer confidence index for August.
Stock futures were pointing higher approaching 8 am ET, fueling interest in the higher-yielding euro.
The buck was drifting higher in overnight dealing as global equities pulled back, but took a turn for the worse to trade at 1.4330 as US stocks looked poised to rally. Earlier this month, the dollar touched an 8-month low of 1.4446.
Tuesday, the Federal Statistical Office said the German economy grew slightly for the first time again, following four quarter-on-quarter decreases in a row. The economy expanded 0.3% sequentially in the second quarter, after contracting 3.5% in the first quarter.
The dollar rose to a new weekly high versus the sterling, hitting 1.6339 before paring its overnight gains. On a longer term basis, the dollar has stabilized since hitting a 10-month low of 1.7012 in August.
Meanwhile, the dollar was fetching 94 yen after failing to sustain its modest overnight gains. The pair has shown little direction over the past week, with the dollar unable to pare much of its losses from earlier this month.
The buck barely budged versus the petro-linked loonie, staying at C$1.0750 even as the price of oil edged below $74.
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