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The US Dollar extends its decline on Tuesday with US markets coming out of a long weekend. All eyes are on Fed speakers and chunky Treasury issuances across the curve.  The US Dollar Index eases further below 104.50 and starts to look bleak.  The US Dollar (USD) are holding on to losses heading into the official start of this week for US markets, coming back again after a long weekend due to the Memorial Day bank holiday on Monday. The Greenback eases as a risk-on sentiment sets the scene for the beginning of the week, topped up with comments from Japanese Finance Minister Shun’ichi Suzuki. Suzuki warned against speculators that are propping up for more Japanese Yen devaluation by saying that Japan is ready to take more, bigger and firmer steps in order to have a stable exchange rate, Bloomberg reported.  On the economic data front, the  US Treasury will auction four bond issuances in several maturities across the yield curve, and three US Federal Reserve (Fed) speakers are set to make comments on Tuesday.  Daily digest market movers: US session wakes up At 12:55 GMT, the weekly Redbook Index for the week ending on May 24 is set to be released. The previous week’s result came in at 5.5%. The March Housing Price Index will be released at 13:00 GMT. February’s reading was 1.2%, and a decline to 0.5% is expected. Should the Index fall into contraction, substantial US Dollar easing could materialize. At 14:00 GMT, May’s Conference Board Consumer Confidence will be released, with the previous number at 97.0 and 96.0 forecasted. At 14:30  GMT, the Dallas Fed will release its Manufacturing Business Index for May. April’s data showed a contraction to -14.5, with an improvement to -12.5 forecasted for May. The US Treasury is having four bond auctions on…

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Filed under: News - @ May 28, 2024 1:18 pm