Dollar backs off 1-week high ahead of US durable goods orders data

The US dollar fell against a basket of currencies on Wednesday, and backed off the highest level in a week hit yesterday on profit-taking, ahead of key economic data on the US durable goods orders during September.

The dollar index fell 0.15% to 93.82 points, after opening at 93.96 points, and hit a low at 94.00 points.

The index gained 0.15% yesterday, and hit a 1-week high at 94.02 points, after strong economic data in the US.

Data showed yesterday that the US consumer confidence to 113.8 points in October, beating expectations of 108.4 points, rising from 109.8 points during September.

At 12:30 GMT, the US durable goods orders reading is expected to fall by 1.1% in September from a rise by 1.8% in August, the core reading expected to rise by 0.4% from 0.3%.