Forexsites    Global Trader Information

The National Association of Realtors will release its report on existing home sales at 10 am ET. Existing home sales rose to 5.030 million in February, helped by lower prices. Analysts are expecting sales to edge back down to 4.95 million in March.

The dollar gave back its overnight gains and tested its record low versus the euro Tuesday morning in New York. The buck dropped to 1.5968 by 6 am ET, but was steady at 1.5928 approaching mid-morning. With only a trickle of economic news released from the euro zone, traders were focused on more hawkish rhetoric from European Central Bank officials.

Bank of Greece Governor Nicholas Garganas said that inflation was of `the highest concern` for the ECB, adding that the current rate of price increases did not allow for interest rate cuts. Earlier this morning, ECB Governing Council member Christian Noyer said that policy makers will intervene, possibly by moving rates, to control inflation if prices do not moderate next year.

The dollar gave back a portion of yesterday`s strong gains versus the sterling Tuesday morning, slipping to 1.9856 from an early high of 1.9745. While no major economic data is on tap from the UK this morning, Bank of England committee member Tim Besley will be speaking at 7 am ET.

The dollar inched slightly higher versus the yen Tuesday morning, improving to 103.25 from an overnight low of 102.77. Traders considered industry data showing that Japanese supermarket sales grew 1.4% annually in March. Before adjusting store, supermarket sales were down 4%. Food sales increased 2.7% year-on-year in March, while clothing sales fell 2.5%.