The dominant feature of the Tuesday FX market so far is yen buying after a hotter Japanese CPI reading earlier.
That could change after some US economic data today. We start off with durable goods orders at the bottom of the hour. The consensus is calling for a 4.5% decline following a flat reading in December. However those numbers are likely skewed by a drop in aircraft orders and the market will be focused on non-defense capital goods orders excluding air, which are forecast up 0.1%.
Later, we get US house price data at 9 am, followed by the Richmond Fed and consumer confidence at 10 am ET. The latter is the one to watch as it's a decent forward-looking indicator. Fedspeak is limited to Barr at 9:05 am ET and he's speaking about counterfeit credit risk so there's little chance of comments on interest rates.
