The U.S. dollar managed to turn fairly stronger on the day on Tuesday. Economic data was limited. The U.S. building permits data showed an increase of 1.30 million. This was slower than the estimates of a 1.35 million increase. Housing starts fared better, rising 1.35 million and marked the highest increase on a month over month basis.
The market uncertainty continued with the U.S. President Trump announcing fresh tariffs on China which sent the equity markets closing lower on the day.
The lineup of speeches from various central bank chiefs takes precedence today. The speeches include that from the ECB President, Mario Draghi, BoJ’s Kuroda, and the Fed’s Powell. The central bankers are converging in Portugal for a banking conference.
It was only last year that the ECB President, Draghi talked up the euro currency which sent the currency pair rallying to fresh highs.
On the economic front, the U.S. existing home sales data will be coming out followed later in the evening by New Zealand’s quarterly GDP report. The quarterly GDP is expected to rise at a pace of 0.5%, slightly slower than the 0.6% increase that was registered in the previous quarter.
