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The U.S. dollar drifted lower against its major rivals on Tuesday as bond yields stabilized a bit, and a few currencies surged up amid expectations of interest rate hikes sometime in the foreseeable future.

A report released by the Commerce Department showed an unexpected decrease in new U.S. residential construction in the month of September.

The report said housing starts fell by 1.6% to an annual rate of 1.555 million in September from a revised rate of 1.580 million in August. Economists had expected housing starts to inch up to a rate of 1.620 million from the 1.615 million originally reported for the previous month.

The report also showed building permits plunged by 7.7% to an annual rate of 1.589 million from a revised rate of 1.721 million in August. Building permits, an indicator of future housing demand, were expected to drop to a rate of 1.680 million from the 1.728 million originally reported for the previous month.

The Dollar index dropped to 93.50 in the European session, and despite recovering to 93.80, remains in negative territory, losing about 0.17% from its previous close.

Against the Euro, the dollar has weakened to 1.1636 from 1.1614.

The Pound Sterling has firmed against the dollar, advancing to $1.3792 from $1.3728.

Against the Yen, the dollar is up slightly, fetching 114.36 yen a unit, compared to 114.32 Monday evening.

Against the Aussie, the dollar is weak at 0.7476, drifting down from 0.7412.

The loonie is up against the dollar at C$ 1.2366 on firm crude oil prices.


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