Dollar Rebounds From Recent Losses

The U.S. dollar briefly fell towards the end of the European session on Wednesday as Chinese giant Alibaba's plan to split into six business units signaled an easing of Beijing's crackdown on the tech sector.

However, the currency swiftly recovered and scored gains against most of its major counterparts amid easing concerns about global banking crisis after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

In economic news today, the National Association of Realtors released a report showing pending home sales in the U.S. unexpectedly increased for the third straight month in February.

NAR said its pending home sales index climbed by 0.8% to 83.2 in February after spiking by 8.1% to 82.5 in January. Economists had expected pending home sales to slump by 3%.

The pending home sales index reached its highest level since hitting 88.3 last August but was still down by 21.1 percent compared to a year ago.

The dollar index climbed to 102.79, rallying from a low of 102.37, and is currently at 102.66, well off the previous close of 102.43.

Against the Euro, the dollar is up marginally at 1.0844, and against Pound Sterling, it is trading at 1.2318, gaining about 0.2%.

The dollar has strengthened to 132.86 yen, climbing from 130.88 yen.

Against the Aussie, the dollar is up at 0.6682, gaining from 0.6708, and is down marginally against Swiss franc, fetching CHF 0.9186 a unit.

The dollar is weak against Loonie at C$1.3561, a four-week low.

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