US Dollar Falls Ahead of Fed Chair Jerome Powell Appearances
The US dollar fell against its major trading partners early Tuesday ahead of Federal Reserve Chair Jerome Powell appearance due on Friday, which could provide clues about rate cut expectations.
In quiet markets, the US dollar is edging gently lower. ING FX analyst Chris Turner said market prefer to run with the dollar bear trend for the time being as the Fed prepares the market for its first cut in September.
Given the prospect of some downside revisions to the US employment picture when the Bureau of Labour Statistics releases some provisional benchmark revisions tomorrow, analyst expects US dollar to stay on the soft side.
A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose slightly to 1.1084 from 1.1082 at the Monday US close and was well above a level of 1.1036 at the same time Monday morning.
Eurozone consumer prices were flat in July, as expected, allowing the year-over-year rate to increase slightly, according to data released earlier Tuesday. Core prices declined from July while the year-over-year rate was in line with the previous month. The next European Central Bank meeting is scheduled for Sept. 12.
GBPUSD rose to 1.3011 from 1.2990 at the Monday US close and 1.2953 at the same time Monday morning. There are no UK data on Tuesday’s schedule. The next Bank of England meeting is scheduled for Sept. 19.
USDJPY fell to 146.4535 from 146.6383 at the Monday US close but was above a level of 146.3084 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.
USDCAD fell to 1.3611 from 1.3637 at the Monday US close and 1.3682 at the same time Monday morning. Canadian consumer price data for July are due to be released. The next Bank of Canada meeting is scheduled for Sept. 4. #US Dollar Falls Ahead of Fed Chair Jerome Powell Appearances
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