The US dollar (USD) saw minimal movement to start the trading day, following a disappointing meeting between US President Donald Trump and Russian President Vladimir Putin. The historic summit failed to produce a ceasefire or any concrete agreements with Russia.
Despite this, markets have largely shrugged off the news, with analysts citing concerns that Trump may pressure Ukrainian President Volodymyr Zelenskiy into a settlement favorable to Russia. Zelenskiy has rejected proposals from Putin, insisting on Russia’s involvement in ending the war it began.
In economic news, the NAHB housing market data is set to be released at 10 AM, with estimates of 34 versus 33 last month. Canada’s housing starts will also be released, with expectations of 265.0 versus 283.7 last month.
Looking at currency markets, the EURUSD has struggled to make headway, moving lower after trying to extend above a key swing area between 1.1692 and 1.1703. The price has fallen short of its 200-hour moving average and the 61.8% retracement of the move down from the July high.
In contrast, US stocks are mixed in premarket trading, with the Dow industrial average up 14.88 points, while the S&P index is down 4.8 points and the NASDAQ index has fallen 33 points.
Yield curves have also seen significant movement, with a flatter curve emerging as interest rates decrease. The 2-year yield is now at 3.748%, down 1.1 basis points from last week, while the 5-year and 10-year yields are both lower by around 2 basis points.
Source: https://www.tradingview.com/news/forexlive:7c26b72f5094b:0-the-usd-is-little-changed-to-start-the-new-trading-day