US Dollar Falls Ahead of Consumer Price Index
The US dollar fell against its major trading partners early Tuesday, except for a gain versus the yen, ahead of the release of consumer price index data for June.
U.S. policy shifts dominate the dollar’s tone this week, along with inflation readings. The market also weighing tariffs on certain countries, namely Brazil, Canada, the EU, and Mexico, and targeted products, such as pharmaceuticals and copper, will keep uncertainty high.
A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose to 1.1677 from 1.1668 at the Monday US close but was below a level of 1.1695.
Eurozone industrial production rose more than expected in May, while Eurozone economic sentiment improved in July, according to data released overnight. The next European Central Bank meeting is scheduled for July 24.
GBPUSD rose to 1.3448 from 1.3427 at the Monday US close but was below a level of 1.3487. There are no UK data on Tuesday’s schedule, but Bank of England Governor Andrew Bailey is due to speak. The next Bank of England meeting is scheduled for Aug. 7.
USDJPY rose to 147.9188 from 147.7205 at the Monday US close and 147.2922 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.
USDCAD fell to 1.3685 from 1.3698 at the Monday US close but was above a level of 1.3673 at the same time Monday morning.
Canadian housing starts data for June are due to be released, followed by Canadian consumer price data for June and manufacturing and motor vehicle sales for May. The next Bank of Canada meeting is scheduled for July 30. #US Dollar Falls Ahead of Consumer Price Index#
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