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US Dollar Rises Early Monday; Retail Sales, Housing Data Key This Week
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US Dollar Rises Early Monday; Retail Sales, Housing Data Key This Week
Jun 17, 2024 5:05 AM

07:48 AM EDT, 06/17/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Monday, except for a small decline versus the euro, ahead of a busy week of data releases and Federal Reserve official appearances.

The week starts light with only the New York Federal Reserve's Empire State survey for June, the first look at manufacturing conditions in the month, at 8:30 am ET. New York Fed President John Williams is scheduled to speak at 12:00 pm ET, followed by Philadelphia Fed President Patrick Harker at 1:00 pm ET and Fed Governor Lisa Cook at 9:00 pm ET.

Highlights Tuesday include retail sales and industrial production data, as well as six scheduled appearances by Fed officials. Wednesday's calendar is light due to the Juneteenth holiday, with only weekly mortgage applications data and the National Association of Home Builders' sentiment data scheduled to be released.

Thursday's highlights include weekly jobless claims, housing starts and the Philadelphia Fed's manufacturing index. Friday's highlights include flash manufacturing and services conditions and existing-home sales.

A quick summary of foreign exchange activity heading into Monday:

EUR-USD rose to 1.0710 from 1.0704 at the Friday US close and 1.0698 at the same time Friday morning. Eurozone wages accelerated in Q1, according to data released overnight. The next European Central Bank meeting is scheduled for July 18.

GBP-USD fell to 1.2671 from 1.2687 at the Friday US close and 1.2706 at the same time Friday morning. UK home prices were flat in June, data released overnight showed. The next Bank of England meeting is scheduled for Thursday, when no change in interest rates is expected.

USD-JPY rose to 157.6760 from 157.3542 at the Friday US close and 157.1512 at the same time Friday morning. Japanese core machinery orders declined in April, data released overnight showed. The next Bank of Japan meeting is scheduled for July 30-31.

USD-CAD rose to 1.3741 from 1.3733 at the Friday US close but was below a level of 1.3752 at the same time Friday morning. Canada housing starts for May are due to be released at 8:15 am ET, followed by Canada securities purchases data for April at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 24.

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