It was a mixed day for the US dollar on Tuesday, with data releases causing movement on the day. The dollar continued to weaken against sterling in the morning, but this reversed in the afternoon, with the US dollar seeing some strength against sterling.
In terms of data, personal spending data was better than expected, increasing to a peak not seen since 2009, while personal income remained stable. Consumer confidence data, however – at its lowest point in three months – nearly jeopardised any strength that the dollar had gained.
We can look forward to ISM Manufacturing Purchasing Managers’ Indices (PMI) and construction spending data today. The former is expected to show mild growth for the third consecutive month; what is interesting to note is that the growth rate has continued to be in decline since the yearly high in March of this year. Construction spending is set to increase for the second month in a row, showing a boost to the sector.
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