The American dollar is moving higher against most of its major rivals during Tuesday’s Asian session as traders expect a flow of economic data points and central bank commentary later this day.
During Asian trading today, EURUSD moved down with 0.04% to the level of 1.3347. While the European economic data from the last week are probably a reason the euro is lower against the U.S. dollar, political concerns could be a factor here as well.
Italy, which is the third-largest economy in the eurozone, is about to holds elections on February 24 and 25, so some concerns appear that tight polls may lead to a hung parliament.
Later this day, the ZEW Institute is going to release its closely watched index of German economic sentiment, which is a leading indicator of economic health.
Currency pair USDJPY is lower by 0.07% at 93.90, as yesterday the yen changed its direction against the dollar and euro. The situation today could be a case of some profit-taking in the pair. Later this day, the Bank of Japan is about to hold monetary policy meeting minutes from its latest meeting.
Besides, the Reserve Bank of Australia publishes minutes from its February 5 meeting later today. AUDUSD rose with 0.13% at 1.0321.
Meanwhile, GBPUSD is down 0.01% at 1.5466 while USDCHF is up 0.04% at 0.9239. As oil prices are trading lower, USDCAD moved up with 0.03% at 1.0112. Today, Canada is going to publish official data on wholesale sales, which is a leading indicator of consumer spending, together with data on foreign securities purchases.
NZDUSD is reversing 0.40% to 0.8420 before of New Zealand’s publication of producer price inflation later today. The U.S. Dollar Index rose 0.04% to 80.75.