Dollar finds footing on housing data as yuan falters

The US dollar strengthened in Asian trading following better-than-expected housing data. Single family housing starts rose 21.7% in May, boosting the greenback ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress. The yuan and Aussie dollar both declined and did not recover in early trade on the following day. The New Zealand dollar was also under pressure, with the central bank indicating it had completed its rate hike cycle. British inflation data was due later in the day, with economists expecting signs of easing.