U.S. dollar rises despite downbeat data

The U.S. dollar climbed against most major currencies on Wednesday despite negative economic data from the country.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October, according to the National Association of Realtors on Wednesday. The latest reading was the lowest level in almost a year.

Analysts said that even though the housing data was negative, market expectations that U.S. President-elect Donald Trump' s incoming administration would boost the economy through fiscal stimulus continued to support the greenback.

The dollar index, which tracks the greenback against six major peers, was up 0.27 percent at 103.300 in late trading.

In late New York trading, the euro fell to 1.0405 dollars from 1.0455 dollars, and the British pound dropped to 1.2215 dollars from 1.2280 dollars. The Australian dollar decreased to 0.7182 dollars from 0.7185 dollars.

The dollar bought 117.17 Japanese yen, lower than 117.46 yen in the previous session. The dollar rose to 1.0291 Swiss francs from 1.0279 Swiss francs, and it edged down to 1.3553 Canadian dollars from 1.3567 Canadian dollars. Enditem