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.
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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.”
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