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US Dollar Falls Early Tuesday Ahead of Home Prices, Consumer Confidence
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US Dollar Falls Early Tuesday Ahead of Home Prices, Consumer Confidence
Aug 27, 2024 6:54 AM

07:44 AM EDT, 08/27/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for a gain versus the yen, ahead of a busy day that starts with Redbook same store sales at 8:55 am ET and home prices for June at 9:00 am ET.

Consumer confidence data for August is due at 10:00 am ET at the same time as the Richmond Federal Reserve's manufacturing and services conditions data for August. The Dallas Fed's services reading for August follows at 10:30 am ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.1164 from 1.1160 at the Monday US close but was below a level of 1.1172 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3217 from 1.3183 at the Monday US close and 1.3204 at the same time Monday morning. UK services conditions continued to deteriorate in August, though declines were less widespread than in the previous month, data released earlier Tuesday showed. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY rose to 144.7863 from 144.5945 at the Monday US close and 144.0341 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3466 from 1.3488 at the Monday US close and 1.3505 at the same time Monday morning. Canadian wholesale sales data for July are set to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.

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