Investing.com - The dollar edged higher against the other majors currencies on Tuesday, as investors eyed upcoming data on U.S. economic growth amid sustained hopes for a December rate hike.
EUR/USD slipped 0.15% to 1.0599.
Market participants were eyeing the release of U.S. preliminary third-quarter economic growth data, as well as a report on consumer confidence due later in the day, for further indications on the strength of the economy.
The greenback has remained broadly supported in recent weeks amid expectations that increased fiscal spending and tax cuts under the Trump administration will spur economic growth and inflation.
The dollar has also been boosted by the view that a rate hike by the Federal Reserve in December is a near certainty.
Elsewhere, GBP/USD gained 0.43% to trade at 1.2468.
Earlier Tuesday, the Bank of England said net lending to individuals rose by £4.9 billion in October, compared to expectations for an increase of £4.8 billion and after a £4.7 billion gain the previous month.
USD/JPY advanced 0.60% to 112.61, while USD/CHF rose 0.22% to 1.0144.
Official data earlier showed that Japan’s household spending declined by 1.0% last month, disappointing expectations for a 0.1% rise and after an increase of 2.8% in September.
The Australian dollar was weaker, with AUD/USD down 0.24% at 0.7463, while NZD/USD added 0.24% to 0.7091.
Meanwhile, USD/CAD rose 0.28% to trade at 1.3447.
Market participants were also looking ahead to Wednesday’s OPEC meeting, amid growing uncertainty over the possibility for a production cut deal.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.19% at 101.40, still close to last Thursday’s 14-year peak of 102.12.