US Dollar Improves Early Tuesday Ahead of Redbook, ISM Services Data, Consumer Sentiment-January 2024-www.financetom.com

US Dollar Improves Early Tuesday Ahead of Redbook, ISM Services Data, Consumer Sentiment

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US Dollar Improves Early Tuesday Ahead of Redbook, ISM Services Data, Consumer Sentiment

Mar 5, 2024 5:03 AM

07:34 AM EST, 03/05/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday, except for a decline against the yen, ahead of a busy data release schedule that starts with weekly Redbook same-store sales at 8:55 am ET.

An update to the S&P Global's services data for February will be released at 9:45 am ET, followed by Institute for Supply Management's services data for February, factory orders data for January and the RealClearMarkets consumer sentiment reading for March, all at 10:00 am ET.

Federal Reserve Vice Chair for Supervision Michael Barr is set to speak at 12:00 pm ET and again at 3:30 pm ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR-USD fell to 1.0850 from 1.0856 at the Monday US close and 1.0857 at the same time Monday morning. The Eurozone's services purchasing managers' index rose back above the breakeven point in February while Eurozone producer prices declined more than expected in January, data released earlier Tuesday showed. The next European Central Bank meeting is scheduled for Thursday.

GBP-USD fell to 1.2679 from 1.2692 at the Monday US close and was little changed from a 1.2678 reading at the same time Monday morning. The UK's services PMI declined in February but still indicated expansion, data released earlier Tuesday showed. The next Bank of England meeting is scheduled for March 21.

USD-JPY fell to 150.4388 from 150.5292 at the Monday US close but was up from a level of 150.4166 at the same time Monday morning. Tokyo consumer prices, a proxy for Japan's consumer price index, rose more than expected in February, pushing the year-over-year rates for both overall and core CPI above 2%, data released overnight showed. Also, Japan's services PMI declined slightly but still indicated expansion. The next BoJ meeting is set for March 18-19.

USD-CAD rose to 1.3597 from 1.3575 at the Monday US close and 1.3567 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is set for Wednesday.

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