Business

TOKYO (APP) – The dollar edged down Monday following weak US housing figures, as traders await the start of the Federal Reserve’s latest policy meeting.


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In Tokyo trading, the green back fetched 123.46 yen, down from 123.81 yen in New York late Friday.
The euro changed hands at $1.1005 and 135.88 yen, against $1.0977 and 135.89 yen in US trade.

Data on Friday showed sales of new single-family homes in the US fell in June and May sales were much lower than previously reported — disappointing news that followed a lacklustre Chinese manufacturing report.
Currency traders are now focusing on the Fed’s two-day policy meeting that starts Tuesday.

While the central bank is not expected to raise interest rates, dealers are hoping for some forward guidance, with most analysts tipping a hike in either September or December “The Tokyo market has taken over the dollar’s selling sentiment from New York late last week,” said Yosuke Hosokawa, head of the forex sales team at Sumitomo Mitsui Trust Bank.

“Players can’t help but stay on the sidelines until the Fed makes an announcement,” Hosokawa said.