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Dollar gains in Asia as Bank of Japan minutes ahead

7/25/2017, 10:48:03 AMMarket Analysis
Dollar gains in Asia as Bank of Japan minutes ahead

The dollar gained in Asia on Tuesday in light trade ahead of lagging central bank minutes from Japan and attention on the Fed's policy review decision on Wednesday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.05% to 93.87.

Overnight, the dollar steadied above thirteenth-month lows against a basket of global currencies on Monday, as mostly upbeat U.S. economic data helped offset U.S. political jitters.

Fresh on the heels of posting a two-week losing streak, the greenback attempted to make a positive start to the week, after manufacturing and services data topped forecasts, easing concerns about a slowdown in the U.S. economy.

On Monday, Markit's manufacturing and services flash surveys both showed the U.S. beating expectations.

The pair of bullish economic reports were partly offset, however, by weaker-than-expected housing data and continued U.S. political uncertainty.

Sales of second-hand homes slid in June to the lowest level since February as tight supply and high prices weighed on housing activity despite strong demand.

Sales of previously-owned homes fell 1.8% in June from the previous month, to an annualized pace of 5.52m units, the National Association of Realtors said on Monday.

President Donald Trump's son-in-law and senior advisor Jared Kusher said neither he nor anyone in the Trump campaign team colluded with Russian officials over the US election.

The pound was the main beneficiaries of dollar weakness, rising despite the International Monetary Fund (IMF) slashing its UK GDP growth forecast from 2% to 1.7% amid concerns about a slowdown in economic activity.