The dollar continued to struggle versus the euro Tuesday morning in New York, as Greek officials assured that a deal between the nation and its private creditors is imminent.
Meanwhile, members of the European Union, except the United Kingdom and Czech Republic, have agreed to sign up for the new fiscal compact, a treaty designed to achieve stability and convergence in the Economic and Monetary Union.
During the EU summit on Monday, the leaders finalized the treaty that makes every country that signs the deal committed to bringing in a “debt brake” or “golden rule” into its own legislation. The treaty introduces more automatic sanctions and stricter surveillance within the euro area, in particular by introducing a balanced budget rule.
Traders were looking ahead to a slew of economic data from the U.S. due out later this morning.
The dollar slipped to $1.32 versus the euro, near Friday’s monthly low of $1.3228. Two weeks ago, the buck was at a 17-month peak of $1.2623.
The unemployment rate in the euro area remained unchanged in December, data released by Eurostat showed Tuesday. The seasonally adjusted jobless rate was 10.4 percent, the same as in November. Economists expected the rate to rise to 10.4 percent from November’s originally reported rate of 10.3 percent.
The dollar slumped to its lowest since November against the surging sterling, dropping to $1.5790 by 7 am ET.
Consumer confidence in the United Kingdom improved in January, according to an index published Tuesday by survey company GfK NOP. The group’s index rose to minus-29 in January from the December reading of minus-33.
The dollar remained under pressure versus the yen, dropping to Y76.20 and extending a week-long losing skid.
the Conference Board is scheduled to release its consumer confidence report for January at 10 am ET. The report is expected to show that the consumer confidence index improved to 68 in January from 64.5 in December.
Shortly before that, the results of the Institute of Supply Management-Chicago’s business survey for January are scheduled to be released. Economists expect the business barometer index based on the survey to rise to 63 from 62.5 in December.
Additionally, the S&P/Case-Shiller home price index, which tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S., is scheduled to be released at 9 am. Economists expect a 0.4 percent month-over-month drop in the 20-city composite house price index for November.
The Labor Department is scheduled to release its report on the employment cost index for the fourth quarter at 8:30 AM ET. Economists expect a 0.4 percent in the index for the quarter.