Dollar extends losses vs euro as US pending home sales drop

by on July 26, 2012 2:18 pm BST

NEW YORK, July 26 |
Thu Jul 26, 2012 10:18am EDT

(Reuters) – The U.S. dollar extended
losses against the euro on Thursday after data showed contracts
to buy previously owned U.S. homes unexpectedly fell in June as
fewer properties came on the market.

The euro rose to a two-week high against the dollar
of $1.2329 from $1.2293 before the data. The dollar fell to a
two-week low against the Swiss franc of 0.9738 franc.

“It looks like the third miss this week in housing-related
news,” said Omer Esiner, chief market analyst at Commonwealth
Foreign Exchange in Washington DC. “That does dampen some
previous optimism.”