What Is The Focus Of The New York Session? This is what traders need to know

<p>&nbsp;The US dollar continued to struggle in the European session after falling low during the previous session following the intervention of the People's Bank of China (PBOC).</p><p><br /></p><p>The PBOC boosted support for the slumping yuan on Tuesday by setting a stronger-than-expected daily reference rate.</p><p><br /></p><p>The move managed to push the yuan higher in the Asian session, also spurring gains in Aussie and New Zealand dollar trades.</p><p><br /></p><p>However, the three currencies pared back those gains to trade lower at the start of the European session.</p><p><br /></p><p>Investors are now focused on Canadian inflation data, durable goods orders and US consumer confidence in the New York session.</p><p><br /></p><p><br /></p><p>Tomorrow (Wednesday), investors will focus on the speeches of President Christine Lagarde, Federal Reserve Chairman Jerome Powell, Bank of England governor Andrew Bailey and Bank of Japan Kazuo Ueda at the ECB forum.</p><p><br /></p><p>Any statement regarding the respective monetary policy approach can have an impact on currency movements.</p><p><br /></p><p>Looking at broader market movements, the euro and pound traded higher supported by a weaker US dollar.</p><p><br /></p><p>On the other hand, the yen traded further down to a fresh seven-month low against the greenback after Japanese Finance Minister Shunichi Suzuki said they would respond appropriately if the currency's movements were seen as excessive.</p><p><br /></p><p>Meanwhile, the Canadian dollar retreated slightly after hitting a new 9-month high against the US dollar ahead of the release of Canadian inflation data.</p>