Has the USD Stopped Rising? This is the Trader's Focus on the New York Session!

<p>&nbsp;Heading into the European session, the US dollar maintained its strength at six-month highs against most major currencies.</p><p><br /></p><p>Against a basket of major currencies, the dollar index strengthened to around 104.77, at the time of writing.</p><p><br /></p><p>The currency king posted a sharp jump on Tuesday following the 10-year US bond yield which rose at 4.22% after reopening from a long weekend break.</p><p><br /></p><p>The strengthening of the greenback was also supported by the negative sentiment of the market which was influenced by concerns about the economic development in China.</p><p><br /></p><p>The market is now focused on the publication of the US ISM services PMI data which is expected to continue to show expansion in August, with a slightly slower pace.</p><p><br /></p><p>In addition, investors will also watch the interest rate decision by the Bank of Canada (BOC) which is expected to keep it unchanged at 5.00%.</p><p><br /></p><p><br /></p><p>The Canadian dollar fell further to a fresh six-month low ahead of the BOC meeting, while also being hit by oil prices retreating from nine-month highs.</p><p><br /></p><p>Meanwhile, the euro and the pound remained hovering at the weakest level in three months compared to the greenback. At the end of the European session, there will be a discussion of the Bank of England (BOE) policy report.</p><p><br /></p><p>The BOE governor and several other policymakers will testify on inflation and the economic outlook before the Parliamentary Finance Committee.</p><p><br /></p><p>Although the impact is modest, investors may want to pay attention to any movement in the pound.</p><p><br /></p><p>Meanwhile, the Aussie and New Zealand dollars remained trading at their lowest levels since November last year, pressured by a stronger US dollar.</p>