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U.S. Dollar Showing Modest Move To The Downside

After showing little change during yesterday's trading, the value of the U.S. dollar has moved modestly lower during trading on Tuesday.

The U.S. dollar index has climbed well off its morning lows but is currently still down 0.23 points or 0.2 percent at 104.47.

The greenback is trading at 136.67 yen versus the 135.07 yen it fetched on Monday. Against the euro, the dollar is trading at $1.0530 compared to yesterday's $1.0511.

The modest weakness in the value of the dollar comes as a rally on Wall Street has reduced the appeal of the safe haven currency.

In U.S. economic news, the National Association of Realtors released a report showing another steep drop in U.S. existing home sales in the month of May.

NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April.

Economists had expected existing home sales to tumble by 3.7 percent to a rate of 5.40 million from the 5.61 million originally reported for the previous month.

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