June 26, 2007	Tuesday	Jamadi-us-Sani 10, 1428

LONDON, June 25: The dollar rose slightly against the euro on Monday after data showed that US existing home sales fell in line with expectations in May, bolstering views that US interest rates will remain on hold later this week.

The National Association of Realtors (NAR) said existing home sales dropped 0.3 per cent to an annualised pace of 5.99 million last month, the lowest level in four years.

Most economists had forecast a sales clip of 6 million properties.

In late European trading, the euro slipped to $1.3452, from $1.3467 late on Friday in New York.

The dollar eased to 123.86 yen, from 123.87 yen late Friday.

The pound breached $2 again on Monday early in the day, before falling back to $1.9969 in late European trading.

“The housing market decline shows little sign of slowing and, despite some of the recent optimism, it is difficult to see a turnaround any time soon,” said Mitul Kotecha at Calyon of the US housing data.—AFP