US durable goods and consumer confidence data came in softer on Tuesday but did nothing to prevent the US dollar from rallying. In the end, everything has come down to tariff talk out of the US government, and with the Trump Administration continuing to talk tough on tariffs, the US dollar is the natural play.
It is also worth noting that many market participants were quick to highlight a solid US durable goods reading when the volatile transportation components were stripped out.
Moving on, there have been concerns about the German growth outlook, the Bank of Canada announced a new repo facility, the BOJ minutes showed more room for additional rate hikes, and Aussie inflation data came out on the softer side.
Looking at the calendar for the remainder of the day, key standouts include German consumer confidence, the US Advanced Goods trade balance, wholesale inventories, a BOE Bailey speech, the Bank of Canada policy decision, and the FOMC decision late in the day.
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