Dollar finds footing on housing data as yuan falters

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Dollar finds footing on housing data as yuan falters
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The U.S. dollar was firm in Asia trade on Wednesday following surprisingly strong U.S. housing data, while the yuan and Aussie dollar nursed losses.

"The path of least resistance is further declines," said Commonwealth Bank of Australia strategist Joe Capurso.

It is under pressure after the central bank flagged it was finished with hikes, while data showed the economy in recession. "Our pick is that the kiwi will head towards the $0.57 level before the year is out, but it won't be in a straight line," she said. "First off the bat we will need to crack the $0.59 level. That may only be a matter of weeks away."recovered some of its overnight drop to sit at $1.2760. British inflation data is due later in the day with economists hoping for signs its easing.

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