USD/CAD struggles to extend gains on the second consecutive day, hovering above 1.3510 during the European session on Wednesday. The pair experiences
US Dollar strengthens on market caution about the Fed’s interest rates trajectory.struggles to extend gains on the second consecutive day, hovering above 1.3510 during the European session on Wednesday. The pair experiences upward support due to the risk aversion and improved US Treasury yields.
US Consumer Confidence released on Tuesday for September decreased to 103.0 from the reading of 108.7 in August. While Building Permits improved to 1.541M in August from 1.443M prior, falling short of the market expectation of 1.543M. Additionally, the Federal Reserve is expected to raise policy rates through the end of the year as the US economy demonstrates resilience. This, in turn, boosts the US Treasury yields, which reinforces the strength of the US Dollar .
Furthermore, traders await the US Durable Goods Orders report to be released on Wednesday. Core Personal Price Index, the Fed's preferred measure of consumer inflation, is due on Friday. The annual rate is anticipated to reduce from 4.2% to 3.9%.
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