* The dollar traded mixed in a narrow range on Tuesday. US house prices posted their second consecutive month-on-month increases and consumer confidence climbed more than expected, adding to signs the US economy is recovering. The re-nomination of Federal Reserve Chairman Ben Bernanke removed another uncertainty for investors. The S&P 500 rose 2.43 points to 1,028.00. The euro, tracking the stock market, was little changed. Sterling was unable to hold above the 1.64 handle despite a jump in UK mortgage approvals. The Australian and Canadian dollars declined following a sell-off in the commodity markets. The Swiss franc rose despite weak employment and consumption reports.
* The USD/JPY fell today. Having tested the 94-area support the last few days, the pair has not got much support from rising US stock prices. If the 94-area support is broken, the USD/JPY may fall to 92. Japan’s election will be held on August 30. The latest election polls indicate that the opposition Democratic Party will win. The party has promised to increase spending to boost the Japanese economy.
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