The currency market was mixed on Wednesday with the US dollar also seen to have managed to show an increase in the risk-off market.
The US dollar tried to show a recovery from a fall to an 11-week low as concerns remained focused on President Donald Trump's tariff issue.
The king of currencies moved better than Tuesday after the US consumer confidence survey was published with a declining reading for February.
The US dollar remained under pressure by examining the main indicator, the dollar index (DXY) which hovered at a low of around 106.20 points, the lowest zone since last December.
In addition, the US 10-year treasury yield was also seen to have fallen to 4.25%, which has been falling since last week.
US new home sales data for January recorded a slower figure at 657,000 from the forecast of 679,000 and also the previous month's revised increase to 734,000.
US crude oil inventory report recorded a decrease to -2.3 million, which is seen as supporting global supply demand.
Looking for a clue to the direction of the US dollar at the end of this week, investors are waiting for the US economic growth data report for the second reading for the last quarter of 2024.
The report will be published in the New York session tonight along with US unemployment claims data.
Next, the Federal Reserve (Fed) will focus on Friday is the personal consumer spending (PCE) index to assess US inflation.
In addition, the market will also be watching the statements delivered by several Fed officials later this week to assess the central bank's monetary policy stance.
Atlanta Fed President Raphael Bostic said yesterday that the central bank needs to maintain interest rates at current levels to continue to suppress inflation.
