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US Dollar Rises Early Tuesday Ahead of Philadelphia Fed Nonmanufacturing, Redbook, S&P Global

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The US dollar rose against its major trading partners early Tuesday, except for a decline versus the yen, before the release of the Philadelphia Federal Reserve's non-manufacturing reading for June at 8:30 am ET, and weekly Redbook same-store sales at 8:55 am ET.

The S&P Global flash readings for June manufacturing and services conditions are due to be released at 9:45 am ET, followed by the Richmond Fed's services and manufacturing readings for June and state-level unemployment data for May, both at 10:00 am ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1402 from 1.1425 at the Monday US close and 1.1456 at the same time Monday morning. Preliminary Eurozone manufacturing PMI declined in June, but still indicated expansion, while services PMI rose but was still below the breakeven point, according to data released earlier Tuesday. European Central Bank policy board member Frank Elderson is due to speak at 9:15 am ET. 0The next European Central Bank meeting is scheduled for July 23.

GBP/USD fell to 1.3223 from 1.3248 at the Monday US close and 1.3239 at the same time Monday morning. Preliminary UK manufacturing PMI fell slightly in June to remain above the breakeven point, while services PMI declined further into contraction territory, according to data released overnight. The next Bank of England meeting is scheduled for July 30.

USD/JPY fell to 161.4716 from 161.6088 at the Monday US close and 161.7141 at the same time Monday morning. Preliminary Japanese manufacturing PMI indicated faster expansion, while the services reading increased to indicate expansion after a flat reading in the previous month, according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD rose to 1.4184 from 1.4160 at the Monday US close and 1.4178 at the same time Monday morning. There are no Canadian data on Tuesday's schedule, but Bank of Canada Governor Tiff Macklem is due to speak at 9:00 am ET. The next Bank of Canada meeting is scheduled for July 15.

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