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Bid tone persists around the USD - BTMU

FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, remarks the solid performance of the greenback.

Key Quotes

"more positive economic data continues to offer support The US dollar is continuing to derive support in the near-term from the relative outperformance of the US economy. The incoming economic data flow from the US with the exception of last week has been more favourable consistent with a strengthening of economic growth momentum."

"It stands in contrast with the incoming data flow from other major economies which has disappointed expectations of late which is encouraging a modest strengthening of the US dollar against the euro, pound, and yen in the near-term. The release yesterday of the latest NAHB housing market index provided further encouragement for US dollar buying after it signalled that the US housing market is likely to gradually rebound after weakness in the first half of this year. The release today of the latest housing starts and permits reports for July will provide a further update on housing market activity."

"The release of the latest US CPI report for July will also be in focus in the US trading session today. Inflation pressures have picked up in the first half of this year which prompted the Fed to acknowledge that downside risks to inflation have eased. However, inflation still remains relatively subdued and is not yet likely to trigger a more hawkish policy shift from the Fed dampening US dollar gains in the near-term"

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