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Core Durable Goods Orders rose by 0.7% in the US, much more than 0.1% that was expected. Also the wider figure, Durable Goods Orders, exceeded predictions by dropping by only 00.7% instead of -1.1%.

US jobless claims came out within expectations. Expectations stood on 389K and the actual number was 393K. Last week’s figure of 388K was revised to 391K – these are small differences, but the general picture is of improvement.

Other US figures:

  • Core PCE Price Index was expected to rise by 0.1%, after remaining unchanged last time. Actual: +0.1%.
  • Personal Spending was expected to rise by 0.4% after a strong rise of 0.6% last month. Actual: only +0.1%.
  • Personal Income was predicted to rise by 0.3% after a weak rise of 0.1% last month. Actual: +0.4%.

Due to the American holiday of Thanksgiving, many releases were brought forward. Unemployment claims are usually published on Thursday.

Later we have a revision of the Consumer Sentiment figure from the University of Michigan. A small upwards revision from 64.2 to 64.6 is expected.

Yesterday, the first revision of Q3 GDP disappointed as it was downgraded from 2.5% to 2%. The upside is that most of this fall is in the inventories section, and inventories will eventually be replenished.

The big story of the day is the failed German bond auction that sent EUR/USD below critical support. Also the weak Chinese PMI (by HSBC) raised fears around global growth.

So, it wasn’t only the euro that fell, but also other currencies retreated against the soaring dollar.

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