US dollar edges up despite downbeat economic data

NEW YORK (Xinhua) - The US dollar moved up against most major currencies Friday but it weakened against the euro on downbeat US housing data.

The closely watched US existing home sales data put pressures on the dollar. The existing home sales in January dropped to the lowest in a year and half, according to the National Association of Realtors.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co- ops, dipped 5.1 percent from December to a seasonally adjusted annual rate of 4.62 million in January, short of market consensus.

However, the US dollar rose to a three-week high against the yen as the Federal Reserve is likely to keep its stimulus-tapering plan while the Bank of Japan maintains its bond-purchase program.

The US central bank officials generally agreed to continue trimming stimulus, with a few participants eyeing to raise the federal funds rate relatively soon, said the minutes of the Fed's January policy meeting, which was released Wednesday.

In late New York trading, the euro rose to $1.3744 from $1.3719 of the previous session, and the British pound decreased to $1.6645 from $1.6658. The Australian dollar went down to $0.8973 from $0.8997.

The US dollar bought 102.53 Japanese yen, higher than 102.31 yen of the previous session. The greenback moved down to 0.8870 Swiss francs from 0.8892 Swiss francs, and it moved up to 1.1127 Canadian dollars from 1.1105 Canadian dollars.