U.S. Dollar Showing Little Change Versus Other Major Currencies

The U.S. dollar has turned in a lackluster performance on Tuesday, showing little change versus other major currencies.

Currently, the dollar is trading at 109.04 yen compared to the 108.93 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1025 compared to yesterday’s $1.1014.

The choppy trading comes as traders continue to express some uncertainty about a U.S.-China trade deal but largely remain optimistic an agreement will eventually be reached.

A statement from China’s Commerce Ministry revealed Chinese Vice Premier Liu He held a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin earlier today.

The statement said the two sides discussed how to resolve each other’s core concerns, reached consensus on how to resolve related issues, and agreed to maintain communication on the remaining issues in the first phase of agreement negotiations.

On the U.S. economic front, the Conference Board released a report unexpectedly showing a continued drop in consumer confidence in November.

The Conference Board said its consumer confidence index fell to 125.5 in November from an upwardly revised 126.1 in October.

Economists had expected the consumer confidence index to inch up to 126.9 from the 125.9 originally reported for the previous month.

“Consumer confidence declined for a fourth consecutive month, driven by a softening in consumers’ assessment of current business and employment conditions,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

“However, consumers’ short-term expectations improved modestly, and growth in early 2020 is likely to remain at around 2 percent,” she added. “Overall, confidence levels are still high and should support solid spending during this holiday season.”

A separate report from the Commerce Department showed new home sales pulled back from a significantly upwardly revised level in October.

The Commerce Department said new home sales fell by 0.7 percent to an annual rate of 733,000 in October after surging up by 4.5 percent to an upwardly revised rate of 738,000 in September.

Economists had expected new home sales to jump by 1.1 percent to a rate of 709,000 from the 701,000 originally reported for the previous month.

With the upward revision, new home sales in September were at their highest level since hitting 778,000 in July of 2007.

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