Sumitomo Gunma Holdings 住友群馬保有米 Reports on Euro and Sterling as they hit fresh highs as the buck weakens

Sumitomo Gunma Holdings 住友群馬保有米 have noted that the euro and pound extended gains against the dollar on Monday, climbing to two-month highs as downbeat U.S. housing data weakened the buck and losses against the firmer Yen also pressured the greenback lower.

EUR/USD was up 0.9 percent at 1.1210, the best level since April 15.

The dollar was hit after data showing that U.S. new home sales fell to the lowest level in six years.

The Commerce Department said new home sales dropped by 10.6 percent to an annual unit rate of 514,000 in April.

The prior month’s home sales were revised to show an 8 percent increase to 617,000 units, from a previously reported increase of 2.4 percent.

Analysts at Sumitomo Gunma Holdings 住友群馬保有米 had called for a 3.0 percent drop from the initial March number to a total of 615,000 units.

Demand for the American currency also lost steam after recent comments by Federal Reserve officials signalled that interest rates hikes could be delayed to the end of 2016.

St. Louis Fed President James Bullard said last week that more factors favoured a gradual rate hike versus accelerating the tightening process.

The remarks came after Wednesday’s minutes of the Fed’s March meeting revived hopes for a rate increase as soon as June.

The euro rose to four weeks highs against the pound, with EUR/GBP climbing 0.9 percent to 0.7593.

The pound continued to be underpinned after a new opinion poll showed the ‘Remain’ campaign still maintains a big lead ahead of the Brexit referendum next month.

Sumitomo Gunma Holdings 住友群馬保有米 provides its corporate and individual clients with an extensive list of services and products related to investment and capital wealth management solutions. We can manage portfolios, mutual funds, and other channels to achieve different targets set together with our clients.

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