FX.co ★ Dollar Marches On, Scores Strong Gains Over Major Rivals

The U.S. dollar traded firm against its major counterparts on Tuesday as concerns about economic slowdown in China and rising expectations about sharper rate hikes from the Federal Reserve pushed up the demand for the currency.

Worries about rising coronavirus cases in China contributed as well to dollar's uptick.

A report released by the Commerce Department showed new orders for U.S. manufactured durable goods rebounded in the month of March, climbing by 0.8% in the month, after tumbling by a revised 1.7% in February.

Economists had expected durable goods orders to jump by 1% compared to the 2.2% slump originally reported for the previous month.

A separate report released by the Commerce Department showed new home sales plunged by 8.6% to an annual rate of 763,000 from an upwardly revised rate of 835,000 in February. Economists had expected new home sales to decrease by 0.9% to a rate of 765,000 from the 772,000 originally reported for the previous month.

The Conference Board said its consumer confidence index edged down to 107.3 in April from an upwardly revised 107.6 in March. Economists had expected the consumer confidence index to dip to 106.8 from the 107.2 originally reported for the previous month.

The dollar index climbed to a fresh 25-month high at 102.36, gaining about 0.6%.

Against the Euro, the dollar is trading at $1.0638, firming from $1.0714.

The dollar is trading at $1.2580 against Pound Sterling, strengthening from $1.2741.

The Japanese currency is stronger against the dollar, rallying to 127.34, gaining more than 0.6% from the previous close.

Against the Aussie, the dollar is at 0.7130, firming from 0.7179.

The Swiss franc is trading at 0.9625 a dollar, weakening from 0.9597, while the Loonie has dropped nearly 0.7% to $1.2821.