US DOLLAR CONSOLIDATES AHEAD OF DURABLE GOODS DATA
- The US Dollar consolidates following a pause in this week’s rally.
- Traders gear up for the release of Durable Goods orders data amidst US presidential election uncertainty.
- The US Dollar index hovers around 104.00, looking for support.
The US Dollar (USD) consolidates on Friday after a small retreat a day earlier, but looks set to post a fourth consecutive week of gains ahead of the release of the US Durable Goods data. In what otherwise was a steep rally this week, Thursday was a bit of a profit-taking day for King Dollar. Uncertainty surrounding the US presidential election re-emerges after taking a step back on Thursday, with polls highlighting a very tight presidential race.
The US economic calendar is facing two main events this Friday. The first will be the US Durable Goods Orders release for September. The second, and to close off the week,, the University of Michigan will release its final reading for October’s Consumer Sentiment data.
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