U.S. Dollar Consolidates Ahead of Major Event Risks

The dollar consolidated Tuesday’s gains in Asian trading with the market reluctant to take on fresh positions into the month-end and ahead of U.S. durable goods and GDP data. Month-end flows dominated in Asian stocks as well with profit-taking emerging after the rally over the last two weeks that took many Asian markets to highs for the year. Commodities also suffered on profit-taking with copper down over 2% in Shanghai and oil holding under $67.00. EUR-USD edged up from morning lows of 1.4142 to 1.4196, lifted by Asian buying. USD-JPY was capped at 94.68 to fall back to 94.21 on last minute flows from Japanese exporters. Other currencies had a tighter range, consolidating within the ranges traded on Tuesday.