May 25, 2008	Sunday	Jamadi-ul-Awwal 19, 1429

NEW YORK, May 24: The dollar pulled back against the euro Friday on US data showing no relief in sight for the worst housing slump in decades in the world’s largest economy.

The single European currency shrugged off a reported weakening in the eurozone industry and services sectors and rose to $1.5761, up from $1.5728 late Thursday in New York. The dollar fell to 103.31 yen from 104.04 Thursday.

Expect the trend towards USD weakness to continue near term, said Jamie Saettele, an analyst at Forex Capital Markets. The dollar was pressured by a National Association of Realtors monthly report that showed existing US home sales and prices fell further in April and the backlog of unsold homes on the market rose to a record high.

Sales of existing homes, the largest segment of the housing market, fell one percent in April from March to a seasonally adjusted annual rate of 4.89 million units, a tick stronger than analysts’ consensus forecast of 4.85 million units.

Economists are tracking the plunge in US home values to assess its impact on consumer spending, the engine of the US economy.—AFP