US Dollar Falls Ahead of Trump Address to Congress
The US dollar fell against its major trading partners early Tuesday ahead of President Donald Trump’s address to the congress. Trump is expected to address a joint session of Congress as tariffs against Canada and Mexico went into effect Tuesday.
A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose to 1.0544 from 1.0481 at the Monday US close and 1.0459 at the same time Monday morning. The Eurozone unemployment rate was unchanged in January, according to data released earlier Tuesday.
The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected. GBPUSD rose to 1.2743 from 1.2697 at the Monday US close and 1.2667 at the same time Monday morning.
There are no UK data on Tuesday’s schedule, but Bank of England policy board member Andrew Hauser is scheduled to speak. The next Bank of England meeting is scheduled for March 20. USDJPY fell to 148.2187 from 149.3992 at the Monday US close and 151.2663 at the same time Monday morning.
Japan’s unemployment rate rose in January, while Japanese consumer spending declined in Q4 and Japanese household confidence slipped in February, according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.
USDCAD fell to 1.4415 from 1.4507 at the Monday US close and 1.4434 at the same time Monday morning. There are no Canadian data on Tuesday’s schedule. The next Bank of Canada meeting is scheduled for March 12. #US Dollar Falls Ahead of Trump Address to Congress
