The greenback rallied across the board in the Tuesday, pushing the euro lower by over two big figures to 1.5554 – its highest level in a month and rising to 108.30 against the yen. A combination of a further retreat in oil prices and a better-than-expected reading in the Conference Board’s consumer confidence survey sparked the dollar’s gains and a rally in the US equity bourses. Traders shrugged off a disappointing Case-Schiller home price survey, which posted its steepest fall on record, down by 15.8% in May versus 15.3% a month earlier. Instead, markets lauded the better-than-forecast consumer confidence report, which bested estimates for a decline to 50 from 50.4, printing at 51.9 in July. The upbeat confidence survey marked its first increase since December and revealed a decline in 1-year consumer inflation expectations to 7.6% from the record high of 7.7% a month earlier.
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