Dollar falls on positive economic data

Special
Report: Global Financial Crisis

NEW YORK, May 4 (Xinhua) -- The dollar fell against major currencies on
Monday as two positive economic reports boosted risk appetite in foreign
exchange trading.

The U.S. Commerce Department reported on Monday that construction spending
during March 2009 was estimated at a seasonally adjusted annual rate of 969.7
billion dollars, 0.3 percent above the revised February estimate. It was the
best reading since last September. Analysts had expected a 1.5 percent loss.

The Pending Home Sales Index rose in March with many first-time buyers
taking advantage of historically good housing affordability conditions, the
National Association of Realtors (NAR) reported.

The index, a forward-looking indicator for the housing sector based on
pending sales of existing homes, increased 3.2 percent to84.6 in March. A sale
is listed as pending when the contract has been signed but the transaction has
not closed.

Investors are waiting for two key reports due later this week. One is the
results of the government's stress test to major banks; the other is the
non-farm employment data from the Labor Department.

The euro bought 1.3373 dollars in late New York trading compared with
1.3267 dollars it bought late Friday. The pound rose to 1.4966 dollars from
1.4916 dollars.

The dollar fell to 1.1774 Canadian dollars from 1.1840 Canadian dollars,
and fell to 1.1284 Swiss francs from 1.1356 Swiss francs. It fell to 98.87
Japanese yen from 99.35 Japanese yen.