The start of every month usually witnesses a surge in economic news for the majority of countries world-wide. Today was no different. The Pacific countries of Australia and Japan have been presenting a wave of data for the end of August and the start of September. The Reserve Bank of Australia (RBA) announced its decision to hold rates steady, while the election of Japan's new Democratic government has sent a wave of optimism over the JPY.
By mid-day, European and British economies had released enough data to drive the value of the EUR, GBP, and CHF lower against the US Dollar and Japanese Yen. British economic news was especially troubling as manufacturing prices and net lending dropped last month, putting modest downward pressure on the Pound Sterling.
Whether or not these trends will continue towards the end of today's trading may in fact be dependent on the news released from the United States at 14:00 GMT. The US housing sector is expected to have decreased somewhat last month, while manufacturing prices are expected to rise slightly. This mixed news may not have a clear impact on the USD, but today's early morning behavior points to the fact that many are already purchasing the USD in anticipation of today's events.