US Dollar steady as markets digest mid-tier data

• US Dollar holds its ground at the end of the week, remains in consolidation mode.
• Fed officials remain cautious on inflation, as Durable Goods Orders miss market expectations.
• Markets continue to see two cuts by year-end.

The US economy remains robust with GDPNow tracking third-quarter growth at 3.4%. The strong economic outlook might push the Federal Reserve (Fed) to adopt a more cautious stance. Investors, meanwhile, are confident of two cuts by the end of 2024.

The US economy remains robust with the Atlanta Fed’s GDPNow model tracking Q3 growth at 3.4% and the New York Fed’s Nowcast model projecting 3.0% growth for Q3 and 2.6% growth for Q4.