U.S. dollar rises as traders look to Jackson Hole Symposium

NEW YORK, Aug. 22 (Xinhua) — The U.S. dollar increased in late trading on Tuesday, as traders focus on the Jackson Hole Economic Symposium to be held Aug. 24-26 and anticipate Federal Reserve Chair Jerome Powell’s speech, amid the presence of many central bank and economic leaders.

The dollar index, which measures the greenback against six major peers, increased 0.25 percent to 103.5671 in late trading.

Richmond Fed President Thomas Barkin said Tuesday morning that the possibility of a strengthening economy meant a broader “playing field” of possibilities beyond the Fed’s recent discussion of whether the economy might slide into a recession or achieve the so-called “soft landing” in which inflation slows without a downturn.

U.S. Treasury yields bounced back from early weakness, with the 10-year note surpassing Monday’s multiyear settlement high. The 10-year traded at 4.346 percent and the two-year at 5.018 percent.

The sales of previously owned homes in the United States dropped 2.2 percent in July from June to a seasonally adjusted, annualized rate of 4.07 million units, the National Association of Realtors reported Tuesday. Sales were 16.6 percent lower compared with July of last year, while homes were sold at the slowest July pace since 2010.

The National Association of Realtors is blaming higher rates and still tight supply for the decrease. “Home shoppers have seen the number of options dwindle as homeowners are largely content to stay put and enjoy their current home, especially those with a low mortgage rate,” said Danielle Hale, chief economist at Realtor.com.

In late New York trading, the euro decreased to 1.0852 U.S. dollars from 1.0898 dollars in the previous session, and the British pound decreased to 1.2738 U.S. dollars from 1.2764 dollars in the previous session.

The U.S. dollar bought 145.8630 Japanese yen, lower than 146.0860 Japanese yen of the previous session. The U.S. dollar increased to 0.8800 Swiss francs from 0.8782 Swiss francs, and it increased to 1.3552 Canadian dollars from 1.3543 Canadian dollars. The U.S. dollar was down to 10.9374 Swedish krona from 10.9443 Swedish krona.