FX Consolidates Amid Dearth of Data

At 5:30 AM Swiss KOF June Leading Indicator (exp 2.06, prev 1.96)
At 8:30 AM US May Durable Goods Orders (exp –1.0%, prev 0.8%)
US May Core Durable Goods Orders (exp 0.2%, prev 1.9%)

The major currency pairs were little changed in early Wednesday trading, with the greenback holding steady versus the euro around 1.3450 and hovering around 123 against the yen. With markets awaiting key releases slated for the latter part of the week, including the FOMC decision and accompanying statement, as well as the PCE report – traders have taken to the sidelines in anticipation.

In the coming session though, markets will digest the typically volatile US durable goods orders, seen declining by 1.0% for May compared with a 0.8% increase in April. The core reading is forecasted to edge up by 0.2%, but down from the prior month at 1.9%. The dollar has, for the most part remained resilient to the slate of soft economic reports, including this week’s lackluster housing and consumer confidence data – suggesting greater emphasis on the news later in the week.