Search ForexCrunch

Durable Goods Order is set to match the largest decline on record but markets have already absorbed the brunt of economic disaster news, Joseph Trevisani, an analyst at FXStreet, briefs.        

See: US Initial Jobless Claims Preview

Key quotes

“April sales are forecast to fall 19% after plunging 15.3% in March which would equal the largest prior decrease in the 28 year series of August 2014. The range of estimates in the Reuters survey of economists is from -1.2% to -35%.”

“The proxy category for business investment, non-defense capital goods ex-aircraft, is forecast to tumble 10%, just shy of its all-time drop of 10.9% in January 2009.”

“Markets have already absorbed the most dire economic news and durable goods will add little of importance to the picture. The details of the March-April catastrophe will not keep the market from moving on.”