Safanad Chief Investment Strategist John Rutledge is quoted in the Reuters end-of-week story on the currency markets. Rutledge commented on recently released economic data.
The dollar fell against the euro on Friday after weak U.S. housing data stoked concerns about the American economy, but notched its first week of broad gains against a basket of major currencies in three weeks. The greenback also rose to a three-week high versus the yen. The National Association of Realtors said that home sales dropped 5.1 percent to an annual rate of 4.62 million units in January, an 18-month low. The data added to recent weak U.S. economic data on retail sales and homebuilder confidence.“Today’s housing data supports the idea of weaker growth,” said John Rutledge, chief investment strategist at Safanad, a New York-based private investment firm.
The euro hit a high of $1.3759 against the dollar and was last trading up 0.2 percent at $1.3746, marking the dollar’s third weekly loss versus the euro. An EU-mediated peace deal between opposition leaders in Ukraine and President Viktor Yanukovich on Friday also supported the euro’s gains against the dollar by removing a source of risk for European trade, Rutledge of Safanad said. At least 77 people have been killed this week in the worst violence since Ukraine emerged from the wreckage of the Soviet Union in 1991.