Dollar lower as U.S. consumer confidence sinks

NEW YORK, June 24 (Xinhua) -- The dollar fell against most major currencies on Tuesday as U.S. consumer confidence index fell to the lowest point in more than 16 years.

The Conference Board, a private industry group, said on Tuesday that U.S. consumer confidence index fell to 50.4 in June, the lowest reading since February 1992 and half what it was a year ago.

A separate report showed that U.S. home prices tumble in April at record rate. The 20-city Case-Shiller home price index dropped by 15.3 percent in April versus last year, while the 10-city index plunged 16.3 percent, its biggest decline in its 21-year history.

Investors were awaiting the decision of the U.S. Federal Reserve on the benchmark interest rate as its two-day meeting began Tuesday. Economists expect policy makers will leave the key rate unchanged, though they may potentially signal more concerns about inflation.

The euro bought 1.5579 dollars in late New York trading compared with 1.5521 dollars it bought late Monday. The British pound rose to 1.9697 dollars from 1.9654 dollars.

The dollar fell to 1.0406 Swiss francs from 1.0458 Swiss francs, and rose to 107.90 Japanese yen from 107.81 Japanese yen. It fell to 1.0128 Canadian dollars from 1.0148 Canadian dollars.