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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 ahead of a busy day of economic data releases, starting with housing starts and import and export price data for July and the New York Federal Reserve's services reading for August, all at 8:30 am ET.

Weekly Redbook same-store sales are due to be released at 8:55 am ET, followed by industrial production data for July at 9:15 am ET and pending home sales data for July at 10:00 am ET.

The Atlanta Fed is expected to update its GDP nowcast estimate for Q3 around midday.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1575 from 1.1579 at the Monday US close and 1.1595 at the same time Monday morning. Eurozone economic sentiment improved in August, according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD fell to 1.3525 from 1.3543 at the Monday US close and 1.3561 at the same time Monday morning. UK employment and earnings growth slowed in June, while the unemployment rate held steady, data released earlier Tuesday showed. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY rose to 159.7374 from 159.4693 at the Monday US close and 159.2394 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD rose to 1.3874 from 1.3870 at the Monday US close and 1.3862 at the same time Monday morning. Canadian housing starts data for July are due to be released at 8:15 am ET. The next Bank of Canada meeting is scheduled for Sept. 2.

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