RTTNews - The dollar raced higher versus other majors Wednesday morning, as traders established positions in the world's reserve currency, shrugging off concerns about ballooning US deficits and interest rates near zero.

Stock futures on Wall Street and equities in Europe were sluggish this morning, fueling concerns that the summer rally may be petering out.

The dollar rose nearly a penny to 1.4260 versus the euro, taking back its losses from earlier in the week. With the advance, the dollar stayed away from an 8-month low of 1.4446, set a few weeks ago.

The dollar also rose versus the sterling, hitting a 6-week high of 1.6250. The buck has been drifting higher since hitting a 10-month low of 1.7012 early in August.

Against the yen the dollar barely budged, staying near 94 for a second day. The pair has show a lack of direction over the course of the summer, with both low-yielding currencies falling out of fashion during the rally in global equities.

The dollar consolidated its recovery efforts versus the loonie, rising above C$1.09. The dollar has found support after testing a 10-month low of C$1.0630 earlier this week.

The focus of the markets will likely turn to data on durable goods orders from the Commerce Department at 8:30 a.m. ET. Economists expect a 3.2 percent increase in durable goods orders for July after a 2.5 percent decline in June.

Separately, the Commerce Department will release data on new home sales in July at 10 a.m. ET, with economists forecasting the annual rate to rise to 390,000. June's data surprised economists, with sales jumping 11 percent to a rate of 384,000 units.

Further, Atlanta Federal Reserve Bank President Dennis Lockhart is due to deliver a luncheon address to the Chattanooga Area Chamber of Commerce in Chattanooga, Tennessee at 11 a.m. ET, which may also draw the attention of traders.

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