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Yet another disappointing US release: durable goods orders fell 3.4% m/m in December. Core orders dropped 0.8%. Expectations were for rises in both. In addition, the drops came on top of downwards revisions to previous data: the headline figure was revised from -0.9% to -2.1%. This is really bad.

The US dollar is down on the publication which is set to weigh on GDP data.

Update:  US CB consumer confidence leaps to 102.9 points, new homes sales rise to 481K – USD recovers

Update: The  S&P/CS Composite-20 HPI also came in a bit below expectations, with 4.3% y/y, below 4.4% predicted and 4.5% seen in the previous month. This sends EUR/USD another leg higher to 1.1360. Resistance appears at 1.1373, which was the  November 2003 low.

  • EUR/USD is climbing up towards  the  highs of the day at 1.1333. The pair hit a triple top and broke higher.
  • GBP/USD is all the way up to 1.5160, defying the unimpressive UK GDP data seen earlier.
  • USD/JPY  extends its fall to 117.50.
  • USD/CAD is down to 1.2450. The loonie was hit hard recently and it is now ticking up.
  • AUD/USD is at 0.7950 ahead of the Australian CPI data.
  • NZD/USD is at 0.7450.

US durable goods orders were expected to rise 0.6% in December after a slide of 0.9% last month and core  orders also carried expectations for the same kind of rise after a fall of 0.7% in November.

Before the publication, the dollar was on the back foot, with EUR/USD trading above 1.13, GBP/USD around 1.5140 and USD/JPY under 118.

Durable goods orders  form part of the GDP report. The US publishes the first GDP estimate for Q4  on Friday.

Later on today, we have the S&P Case Shiller HPI, the  flash services PMI from Markit and later on two more important figures: new home sales and CB Consumer Confidence.

More:  EUR/USD set for parity at year end, 0.90 at end 2016 – collapse justified – ING