US Dollar Falls Early Tuesday Ahead of Trade, Institute for Supply Management Nonmanufacturing, JOLTS Data-May 2024-www.financetom.com

US Dollar Falls Early Tuesday Ahead of Trade, Institute for Supply Management Nonmanufacturing, JOLTS Data

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US Dollar Falls Early Tuesday Ahead of Trade, Institute for Supply Management Nonmanufacturing, JOLTS Data

Jan 7, 2025 4:44 AM

07:26 AM EST, 01/07/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for a gain versus the yen, before a busy data release schedule that starts with the international trade report for November at 8:30 am ET.

Weekly Redbook same-store sales are due at 8:55 am ET, followed by the Institute for Supply Management's nonmanufacturing data for December and job openings data for November, both at 10:00 am ET.

The Atlanta Federal Reserve is due to update its gross domestic product growth Nowcast estimate around midday.

Richmond Fed President Tom Barkin, who next votes on the Federal Open Market Committee in 2027, is scheduled at 8:00 am ET to deliver the same speech he presented on Jan. 3.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.0410 from 1.0388 at the Monday US close but was below a level of 1.0423 at the same time Monday morning. Eurozone consumer prices rebounded in December after a decline in November, while construction PMI ticked up slightly in the same month and the unemployment held steady in November, according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2543 from 1.2519 at the Monday US close and was virtually unchanged from a level of 1.2542 at the same time Monday morning. UK home prices declined unexpectedly in December while its construction purchasing managers' index slipped in the same month but still indicated expansion, data released overnight showed. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY rose to 157.6931 from 157.6149 at the Monday US close and 157.3665 at the same time Monday morning. The Japanese monetary base contracted in December according to data released overnight. The next Bank of Japan meeting is scheduled for Jan. 23-24.

USD/CAD fell to 1.4314 from 1.4333 at the Monday US close and 1.4319 at the same time Monday morning. Canadian trade data for November is due to be released at 8:30 am ET, followed by the Canada IVEY PMI survey at 10:00 am ET. The next Bank of Canada meeting is scheduled for Jan. 29.

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