Major currency pairs continue to trade in relatively tight ranges early Tuesday after closing the first day of the week little changed. The US economic calendar will feature Housing Price Index data for June, the Conference Board's Consumer Confidence Index and the Richmond Fed Manufacturing Index for August. Later in the American session, the US Treasury will hold a 2-year note auction.
US DOLLAR PRICE LAST 7 DAYS The table below shows the percentage change of US Dollar (USD) against listed major currencies last 7 days. US Dollar was the weakest against the New Zealand Dollar. The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
The upbeat Durable Goods Orders data for July and the mixed action seen in Wall Street's main indexes helped the US Dollar (USD) stay resilient against its rivals on Monday. Following the previous week's sharp decline, the USD Index closed in positive territory on Monday and was last seen moving sideways slightly below 101.00. Meanwhile, US stock index futures trade flat on the day in the European morning. Reuters reported earlier in the day that US Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, said that fears of a near-term broader Middle East conflict have ebbed after Israel and Lebanon’s Hezbollah exchanged fire without further escalation.
The data from Germany showed that the GfK Consumer Confidence Index declined to -22 for September from -18.6. This reading came in worse than the market expectation of -17.5. In the meantime, Germany's Destatis confirmed that the Gross Domestic Product (GDP) contracted 0.1% on a quarterly basis in the second quarter. EUR/USD holds steady above 1.1150 after closing marginally lower on Monday.
GBP/USD edged lower on Monday but managed to stabilize at around 1.3200 early Tuesday.
Japan’s Finance Minister Shunichi Suzuki said on Tuesday that FX rates are determined by various factors, not just monetary policies and interest rate differentials but also by geopolitical risks, market sentiment and others. After closing marginally higher on Monday, USD/JPY trades in a narrow band near 145.00 in the early European session.
Gold failed to preserve its bullish momentum after rising toward $2,530 early Monday and closed the day with small gains. Gold stays on the back foot on Tuesday and retreats toward $2,500.
