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US Dollar Rises Early Tuesday, Ahead Light Schedule Before Wednesday's FOMC Annoucement

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The US dollar rose against its major trading partners early Tuesday before a light data release day, giving market participants time to prepare for Wednesday's Federal Open Market Committee meeting announcement.

The New York Federal Reserve's Empire State manufacturing index for September is due to be released at 8:30 am ET, followed by weekly Redbook same-store sales at 8:55 am ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1538 from 1.1547 at the Monday US close and 1.1545 at the same time Monday morning. The Eurozone trade surplus widened in July while Eurozone economic sentiment narrowed in September, according to data released overnight. European Central Bank policy board member Isabel Schnabel is due to speak at 1:00 pm ET. The next European Central Bank meeting is scheduled for Oct. 29.

GBP/USD fell to 1.3486 from 1.3498 at the Monday US close and 1.3492 at the same time Monday morning. UK jobless claims rebounded in August after a decline in the previous month, while employment and earnings growth slowed in July when the unemployment rate held steady. The next Bank of England meeting is scheduled for Thursday, when no change to the target rate is expected.

USD/JPY rose to 154.8031 from 154.3822 at the Monday US close and 154.5371 at the same time Monday morning. Japanese service purchases by businesses slowed in July, according to data released overnight. The next Bank of Japan meeting is scheduled for Thursday, when a 25-basis point rate increase is expected.

USD/CAD rose to 1.3916 from 1.3905 at the Monday US close and 1.3887 at the same time Monday morning. Canadian wholesale and new motor vehicle sales data for July are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Oct. 28.

What else is happening in International?

International

Taiwan's Regular Earnings of All Employees Rise 3.32% in July

Taiwan's average regular earnings of all employees rose 3.32% year on year in July to NT$49,491, according to data released by the Directorate General of Budget, Accounting and Statistics on Monday.The average regular earnings of all employees include full-time employees with Taiwan nationality, part-time employees and industrial migrant workers.The total number of payroll employees increased by 87,000 from the previous year to 8.6 million at the end of July.The average regular earnings of full-time employees with Taiwan nationality increased by 3.67% year on year to NT$52,528 in July.From January to July, the average monthly regular earnings for all employees was NT$49,054, higher by 2.9% from a year earlier.

Taiwan Weighted
International

China's Retail Sales Growth Slows to 0.4% in August

China's retail sales of consumer goods grew 0.4% year over year to 3.982 trillion yuan in August, according to data from the National Bureau of Statistics released Tuesday.The pace of growth was softer than the 0.6% expansion recorded in the previous month. It missed the consensus forecast of 0.7% growth tracked by Investing.com.Sales in urban areas rose 0.2% year over year to 3.446 trillion yuan, while rural retail sales edged up 1.6% to 536.7 billion yuan.For the first eight months of the year, retail sales in China rose 1.1% year over year to 32.8 trillion yuan, easing from the 1.2% growth in the January-July period.

Shanghai Composite^SZSE
International

Australia's Total Spending Rises in August Due to Higher Essential Costs, NAB Says

Australia's total spending rose 1.1% in August due to higher essential costs rather than heightened demand, according to NAB's Consumer Spend Trend released on Tuesday.Total spending climbed 8.7% over the year, while monthly growth was 0.6%, excluding fuel.The report pointed to increasing pressure on households, with the end of the temporary fuel excise discount, combined with higher fuel prices, NAB Head of Australian Economics Gareth Spence said.Non-discretionary spending was up 2.2% in August, driven by a 12% jump in fuel and a 3.2% rise in utilities and telecoms.Meanwhile, discretionary spending was still growing, but momentum had slowed, Spence said.Discretionary spending rose 0.4%, with household goods broadly flat and personal goods down 0.2%.

ASX 200