Dollar Trades Mixed Ahead of Packed Data Release
The US dollar traded mixed on Tuesday, ahead of a packed data release schedule. As traders awaited June trade figures and an Atlanta Fed GDPNow update, the greenback rose against the yen and Canadian dollar but softened against the euro and pound.
A single surprise in the data could quickly change how investors think the Federal Reserve will set interest rates, which is why foreign-exchange markets tend to quiet down before heavy data days. Tuesday's key releases included June trade figures at 8:30 am ET and an Atlanta Fed GDPNow update expected around midday.
The yen was influenced by a decrease in Japan's monetary base in July, pushing USD/JPY up to 157.7133. Meanwhile, USD/CAD nudged up to 1.4046 as Canada's June trade data and July manufacturing survey came into view ahead of the next Bank of Canada decision.