US Housing Market Data Set to Shed Light on Inflation Concerns

The start of Tuesday's session sees rising oil prices and a weaker US dollar. Investors are awaiting further data from the United States, which will be released today. The macroeconomic calendar is not extensive but holds crucial publications on the housing market in the US.

Recent data has been weaker than expected, leaving concerns about inflation and potential interest rate hikes. Today's reports on the housing market may provide clarity on whether these issues have also affected this sector.

The Asian session saw a rebound in consumer confidence in Australia, with the Westpac index reaching 6.0%. However, Asian markets felt increased supply pressure due to the delayed reaction to Japan's disappointing GDP growth dynamics.