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U.S. dollar trades higher as positive economic data keeps rolling in

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USD – United States Dollar

The U.S. dollar gained 0.18 percent following economic data releases this morning. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, building permits number came in at 1.34 million versus the 1.27 million expected. However, in a few minutes, the University of Michigan consumer sentiment index is going to be released. The expectation is that it will be at 97.2. The index was previously 98.4.

The Greenback has continued to increase since yesterday after data showed that U.S. shoppers gave the economy a boost in July, which was the strongest reading since March and a positive signal for the U.S. economy amid warning signs of a global slowdown.

Key Movers

With a lack of important FX-related news in Europe and Asia, market participants are watching the Fed at the end of a rough week in the FX markets. The debate continues over whether the inversion of the yield curve signals recession.

St. Louis Fed President James Bullard calmed market participants on speculation that the central bank would call an emergency gathering ahead of the Sept. 17-18 meeting. Furthermore, Chairman Powell may shed some light on how he is evaluating the U.S. economy at Jackson Hole next week. He might potentially say, “I told you so,” as solid data rolls in. Also, the minutes of the July policy meeting will be released on Wednesday at 2:00 pm and they will shed some light into last month’s decision to cut rates for the first time since the financial crisis in 2008.

Expected Ranges

USD/CAD: 1.3283 – 1.3315 ▼

EUR/USD: 1.1070 – 1.1187 ▼

GBP/USD: 1.2133 – 1.2186 ▲

AUD/USD: 0.6767- 0.6811 ▲

NZD/USD: 0.6402 – 0.6485 ▼


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