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The dollar continues to show signs of a mild comeback Wednesday morning after hitting a yearly low versus a basket of currencies last week. Renewed concerns that the global economic recovery will peter out without massive government spending have generated interest in the safe haven dollar.
Following a mixed bag of economic data on Tuesday, traders today will react to data on durable goods orders and new home sales.
Consumer confidence unexpectedly deteriorated in the month of October, according to a report released by the Conference Board on Tuesday, signaling the US shopper, once the engine of the global economy, is not yet ready to lead the way back to growth.
The dollar rose for a third day versus the euro, jumping to 1.4756 after touching a 14-month low of 1.5059 earlier in the week. Still, the dollar remains well off its summertime levels, and nowhere near its 2009 high around 1.2500 from back in March.
Germany's Federal Statistical Office announced that the import price index decreased 11% year-on-year in September, compared to the 10.9% fall in the previous month. Economists were looking for a decline of 10.7%.
The dollar also firmed up versus the loonie, rising to a 3-week high of C$1.0750. With the advance the dollar moved further away from an 14-month low near C$1.0200, set nearly 2 weeks ago.
Meanwhile, the dollar held its ground against the sterling, staying near 1.6300. The pair remains choppy, having moved in a range between 1.5700 and 1.6700 over the past few months.
On the flip side, the dollar weakened versus the yen, easing back to 91. The buck had found support after testing a 1995 low of 87.08 earlier this month, but its recent rally appears to have run out of steam.
On the economic front, traders will be presented with durable goods orders report for September by the Commerce Department at 8.30 AM ET. Economists' estimate was for durable goods to rise 1% during the month.
At 10.00 AM ET, the Commerce Department will release yet another economic report, the new home sales report for September. Economists were expecting the new home sales to rise to 440,000.
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