The US Dollar trades slightly in the green against almost every major currency.
US markets open up after the Labor Day holiday and gear up for ISM PMI data.
The US Dollar Index has an important resistance level within reach for a breakout.
The US Dollar (USD) trades broadly stable on Tuesday as it officially starts its trading week after US markets were closed on Monday for Labor Day. The Greenback is slightly up against almost every major currency on the quote board, except for the Japanese Yen (JPY). Meanwhile, markets tremble a little bit on the back of news that German car maker Volkswagen is considering closing factories in its home country for the first time ever, which is a massive blow to the German government and the European economy.
Tuesday’s economic calendar features the Institute for Supply Management (ISM) Manufacturing survey for August. Traders will get to see how the US manufacturing sector is holding up. Seeing the recent headlines out of Germany, a clear split between the two nations could drive the DXY higher.
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