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US Dollar Rises Early Tuesday Ahead of Redbook, Home Prices, Consumer Confidence

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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 weekly Redbook same-store sales at 8:55 am ET.

Home price data for February from FHFA and Case-Shiller are due to be released at 9:00 am ET, followed by consumer confidence data for April and manufacturing data for April from the Richmond Federal Reserve, both at 10:00 am ET.

The Dallas Fed's non-manufacturing reading for April is due to be released at 10:30 am ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1694 from 1.1721 at the Monday US close and 1.1746 at the same time Monday morning. European Central Bank President Christine Lagarde is due to speak at 1:30 pm ET. The next European Central Bank meeting is scheduled for Thursday, when no change in the target rate is expected.

GBP/USD fell to 1.3484 from 1.3532 at the Monday US close and 1.3560 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 target rate is expected.

USD/JPY rose to 159.6894 from 159.4238 at the Monday US close and 159.1148 at the same time Monday morning. The Bank of Japan maintained its target rate on a 6-3 vote in its statement released Monday evening US time, but lowered its growth forecast and raised its inflation outlook due to the conflict in the Middle East. The three dissenting votes were for a rate increase. The next Bank of Japan meeting is scheduled for June 15-16. Also released overnight, the Japanese unemployment rate rose modestly in March.

USD/CAD rose to 1.3664 from 1.3635 at the Monday US close and 1.3612 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Wednesday, when no change in the target rate is expected.

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