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Durable Goods Orders Join the Club of Disappointing Figures

Durable goods orders dropped by a huge 5.7%, almost double the expectations for a drop of 2.9%.. Also the core figure fell below expectations: a drop of  1.4%, worse than a rise of 0.5% that was expected. In addition, the figure for the previous month was revised to the downside: a drop of 0.7% instead of 0.5% originally reported.

These figures make the task for USD/JPY to conquer 100 much harder.

While the numbers tend to be volatile, a worse than expected figure and downwards revisions can only be interpreted as bad news. The figure joins weaker than expected jobs, retail sales and PMIs.

USD/JPY is retreating after another move closer to the magical 100 line that is so hard to encounter.

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The US is not alone with reporting weak numbers. Also Germany had its share, with a worse than expected IFO figure joining weak PMIs. EUR/USD continues struggling with the 1.30 line.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.