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US dollar weakens after disappointing housing, factory data

The dollar came under pressure on Wednesday after a duo of reports on the US economy came in below Wall Street’s expectations.

The buck was off by 0.26 per cent against the Japanese yen to Y110.57 in mid-morning trading in New York. Meanwhile, the euro extended its gains on the day, and was recently up by 0.45 per cent at $1.1235. Sterling, which was down as much as 0.7 per cent earlier, rallied back to the unchanged line to $1.2866.

A regional reading on the US manufacturing sector, as well as a forward-looking housing report, both missed estimates.