The dollar fell toward a five-week low against the euro in Forex Trading Currencies before a report today that may show the U.S. housing market is struggling to recover, adding to evidence the world’s largest economy is slowing.
The U.S. currency dropped versus 13 of its 16 major counterparts on speculation the Federal Reserve Open Market Committee meeting tomorrow will say it’s considering further measures to keep borrowing costs low.
Australia’s dollar climbed toward a two-year high against the greenback before its central bank tomorrow releases minutes of this month’s policy meeting.
The dollar declined to $1.3074 per euro as of 10:51 a.m. in Singapore from $1.3050 in New York on Sept. 17, when it slid to $1.3159, the weakest level since Aug. 11. The U.S. currency fell to 85.66 yen from 85.86 yen.
Australia’s dollar advanced to 94.06 U.S. cents from 93.63 cents last week, when it rose to 94.69 cents, the strongest since July 2008.
The National Association of Home Builders/Wells Fargo confidence index in the U.S. was at 14 this month, from 13 in August, according to a Bloomberg News survey. Readings less than 50 mean more respondents said conditions were poor.