Following losses versus its main competitors on Monday, the US dollar (USD) is having trouble finding demand early on Tuesday. The US economic calendar will include the NFIB Business Optimism Index for August later in the day. More significantly, the initial benchmark revisions to employment data will be released by the Bureau of Labor Statistics.
Last 7 Days' US Dollar Price
The USD Index lost 0.3% and closed Monday at its lowest daily close since late July as rising anticipation that the Fed might choose to implement multiple rate cuts this year weighed on the currency at the start of the week. The major Wall Street indexes, meanwhile, closed the day with slight gains after edging higher. Futures on the US stock index are trading higher as of Tuesday morning.
According to Australian data released during Asian trade hours, Westpac Consumer Confidence fell from 5.7% in August to -3.1% in September. In addition, the Business Confidence Index of National Australia Bank fell from 8 in July to 4 in August. The AUD/USD pair appears to have entered a consolidation phase at approximately 0.6600 on Tuesday, following a gain of almost 0.5% on Monday.
As expected, French Prime Minister François Bayrou lost Monday's confidence vote. In the days ahead, President Emmanuel Macron is anticipated to make an announcement regarding a replacement. The widespread selling pressure on the USD helped EUR/USD close in positive territory on Monday, despite the political unrest in France. The pair moves within a small range over 1.1750 on Tuesday during the European session.
On Monday, gold continued to rise, and on Tuesday, it reached a new record high close to $3,660. In the European morning, XAU/USD corrects further and closes below $3,650.
On Monday, the GBP/USD saw slight increases, helped along by the ongoing USD weakening. Early on Tuesday, the pair maintains its position and trades above 1.3550 in positive territory.
During Tuesday's European session, the USD/JPY falls toward 147.00 as it continues to face bearish pressure. Earlier in the day, Ryosei Akazawa, Japan's trade negotiator, announced that the United States would reduce its tariffs on Japanese imports, including automobiles and auto parts, by September 16.
Last 7 Days' US Dollar Price
The USD Index lost 0.3% and closed Monday at its lowest daily close since late July as rising anticipation that the Fed might choose to implement multiple rate cuts this year weighed on the currency at the start of the week. The major Wall Street indexes, meanwhile, closed the day with slight gains after edging higher. Futures on the US stock index are trading higher as of Tuesday morning.
According to Australian data released during Asian trade hours, Westpac Consumer Confidence fell from 5.7% in August to -3.1% in September. In addition, the Business Confidence Index of National Australia Bank fell from 8 in July to 4 in August. The AUD/USD pair appears to have entered a consolidation phase at approximately 0.6600 on Tuesday, following a gain of almost 0.5% on Monday.
As expected, French Prime Minister François Bayrou lost Monday's confidence vote. In the days ahead, President Emmanuel Macron is anticipated to make an announcement regarding a replacement. The widespread selling pressure on the USD helped EUR/USD close in positive territory on Monday, despite the political unrest in France. The pair moves within a small range over 1.1750 on Tuesday during the European session.
On Monday, gold continued to rise, and on Tuesday, it reached a new record high close to $3,660. In the European morning, XAU/USD corrects further and closes below $3,650.
On Monday, the GBP/USD saw slight increases, helped along by the ongoing USD weakening. Early on Tuesday, the pair maintains its position and trades above 1.3550 in positive territory.
During Tuesday's European session, the USD/JPY falls toward 147.00 as it continues to face bearish pressure. Earlier in the day, Ryosei Akazawa, Japan's trade negotiator, announced that the United States would reduce its tariffs on Japanese imports, including automobiles and auto parts, by September 16.
