NEW YORK/LONDON, June 25 - The U.S. dollar rose against most major currencies on Tuesday, bolstered by hawkish comments from a Federal Reserve official as well as better-than-expected economic data in the world's largest economy that suggested the central bank will not be in a rush to kickstart its rate-cutting cycle.
Further boosting the dollar was a report showing U.S. single-family home prices increased at a steady pace in April, rising 0.2% on the month after being unchanged in March. In the 12 months through April house prices increased 6.3% after advancing 6.7% in March. Investors are now looking to Friday's release of the U.S. personal consumption expenditures price index - the Fed's preferred measure of inflation.
"The market is showing ... that they are nervous, and they are very much on edge about this situation," said Chris Weston, head of research at Pepperstone. China's yuan was little changed against the U.S. currency, weakening to 7.2631 per dollar earlier and within sight of the lower end of the central bank's daily trading limit of 7.265 on Tuesday.Politics was also at the forefront of investors' minds, with the first U.S. presidential debate between President Joe Biden and his predecessor Donald Trump set for Thursday and French elections due to begin this weekend.
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