The dollar was lower in the Tuesday session, relinquishing previous session’s gains against the euro and sterling to slip to 1.4154 and 1.6572, respectively. The major US equity indexes stabilized following yesterday’s sell-off, with the Nasdaq recovering by over 1% and the Dow Jones and S&P 500 up by around 0.8% in afternoon trading.
Economic reports released earlier today saw softer housing market figures and weaker producer prices. Housing starts in July declined by 1.0% versus an upwardly revised June reading 6.5% to 581k units from 587k units previously. Building permits also fell, lower by 1.8% versus a 10% increase a month prior, falling to 560k units from 570k units. Meanwhile, headline producer prices posted a 0.9% monthly decline and a 6.8% annualized decline.
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