As the speculations emerge that the economy is growing the USD dropped Tuesday to its lowest level versus the EUR. The appeal for USD was reduced as investors decided to try trading with higher yielding assets that is why traders have sold the U.S. currency. For several months, the USD has a trend to move in the opposite direction as equities move as investors' willingness to buy riskier assets changes and depend on different factors. That trend showed signs of diminishing in August and resuming its more traditional correlation to economic data, as a result the USD index continues its contraction.
Looking ahead to today`s data capable to influence Forex rates, U.S. data will released later. The U.S. consumer price index (CPI) for August, Q2 current account data, August industrial production figures and September NAHB housing data will also be published.
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