Assessing the movement of the financial market at the beginning of the week, the US dollar currency on Tuesday yesterday was seen regaining momentum to continue the strengthening momentum that occurred last week.
On Monday, the US dollar was still moving sluggishly before a reversal in yesterday's trading.
Supporting the further strengthening of the US dollar is the hawkish tone of statements maintained by members of the Federal Reserve (Fed) on the monetary policy outlook.
Fed Governor Michelle Bowman sees the central bank as yet not yet at the right time to lower interest rates and rate hikes could happen if the situation calls for it.
According to him, maintaining the current interest rate for a longer period will bring inflation down to the central bank's target level.
Meanwhile, Governor Lisa Cook warned against measures to ease policy too drastically or too quickly could bring great risks.
The central bank needs to be careful to transition to policy easing by ensuring that inflation is heading towards a stable level in addition to the labor market remaining strong.
The United States (US) consumer confidence data published in the New York session yesterday recorded figures that exceeded forecasts, but the reading was down for June compared to the previous month.
The data that is the focus tonight is US new home sales in May with expected sales of 636,000 units.
Investors are cautiously awaiting important data that will be the next indication for the Fed at the end of the week involving US economic growth data and the PCE price index.
If the reading of the latest data is in line with the current central bank's monetary policy sentiment, then the US dollar is expected to continue to make strides and put pressure on other major currencies.
