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US Dollar Rises Early Tuesday Ahead of Busy Economic Release Schedule

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The US dollar rose against its major trading partners early Tuesday, except for a decline versus the Canadian dollar, ahead of a busy day of economic releases, starting with advance trade data for June at 8:30 am ET and weekly Redbook same-store sales at 8:55 am ET.

Home price data for May is set to be released at 9:00 am ET, followed by consumer confidence and the Richmond Federal Reserve's conditions readings, both for July, at 10:00 am ET.

The Dallas Fed's nonmanufacturing index for July is due to be released at 10:30 am ET, and the Atlanta Fed is due to update its GDP nowcast estimate around midday.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1358 from 1.1371 at the Monday US close and 1.1395 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule. The next European Central Bank meeting is scheduled for September 10.

GBP/USD fell to 1.3276 from 1.3292 at the Monday US close and 1.3312 at the same time Monday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the policy rate is expected.

USD/JPY rose to 163.9317 from 163.7340 at the Monday US close and 163.6278 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting announcement is scheduled for Thursday evening US time, when no change in the policy rate is expected.

USD/CAD fell to 1.4113 from 1.4122 at the Monday US close but was above a level of 1.4104 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Sept. 2.

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