US Dollar Falls Early Tuesday Ahead of June Consumer Prices, Warsh Testimony

The US dollar fell against its major trading partners early Tuesday ahead of consumer price data for June at 8:30 am ET, weekly Redbook same-store sales data at 8:55 am ET, and the first day of testimony from Federal Reserve Chairman Kevin Warsh at 10:00 am ET. Fed Governor Michael Barr is due to speak at 12:40 pm ET, followed by Fed Governor Lisa Cook at 1:30 pm ET and Fed Vice Chair Michelle Bowman at 2:55 pm ET. The Treasury's international capital holding report for May is due to be released at 4:00 pm ET. Earlier this Tuesday, the National Federation of Independent Business reported that small-business optimism improved in June to its highest level since February, but said firms still face headwinds from high interest rates and slow economic growth. A quick summary of foreign exchange activity heading into Tuesday: EUR/USD rose to 1.1393 from 1.1383 at the Monday US close, but was below a level of 1.1432 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule, but European Central Bank President Christine Lagarde is set to speak at 9:00 am ET. The next European Central Bank meeting is scheduled for July 23. GBP/USD rose to 1.3373 from 1.3354.