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US Dollar Falls Early Tuesday Ahead of Busy Data Release Schedule
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US Dollar Falls Early Tuesday Ahead of Busy Data Release Schedule
Mar 26, 2024 5:12 AM

07:49 AM EDT, 03/26/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday ahead of busy data release schedule that begins with durable goods orders for February and the Philadelphia Federal Reserve's nonmanufacturing index for March, both at 8:30 am ET.

Weekly Redbook same-store sales are set to be released at 8:55 am ET, followed by home price data for January at 9:00 am ET.

Consumer confidence data for March and the Richmond Fed's conditions readings, also for March, are both due at 10:00 am ET. The Dallas Fed's nonmanufacturing index for March is scheduled to be released at 10:30 am ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR-USD rose to 1.0856 from 1.0838 at the Monday US close and 1.0819 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule, but European Central Bank policy board member Philip Lane is set to speak at 3:00 pm ET. The next ECB meeting is scheduled for April 11.

GBP-USD rose to 1.2659 from 1.2637 at the Monday US close and 1.2626 at the same time Monday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for May 9.

USD-JPY fell to 151.3309 from 151.4203 at the Monday US close and 151.3568 at the same time Monday morning, as Japanese Finance Minister Shunichi Suzuki said overnight that measures such as direct intervention to stabilize the yen cannot be ruled out. The Bank of Japan's measure of core consumer prices decelerated modestly year-over-year in February. The next Bank of Japan meeting is scheduled for April 25-26.

USD-CAD fell to 1.3563 from 1.3586 at the Monday US close and 1.3592 at the same time Monday morning. Bank of Canada Senior Deputy Governor Carolyn Rogers is set to speak at 8:15 am ET, followed by the release of Canadian wholesale sales at 8:30 am ET. The next BoC meeting is set for April 10.

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