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Rabobank analysts point out that  today we will see another version of Q3 US GDP, and durable goods orders and will be a key economic release for markets.

Key Quotes

“Headline is seen -0.9% following a -1.2% print for September, and core is expected only 0.1% after a -0.4% reading. Core-core capital goods shipped ex. defence and aircraft are also seen -0.2%. Not very strong, in other words.”

“Additionally, there is US personal income and spending, both seen up 0.3%, although real-terms personal spending is seen flat in the month. Not very strong either.”

“Finally, we get pending home sales, seen up 0.2% m/m, which is equal to brisk 6.0% y/y. The worse the data is, the greater the likelihood that at some point in the day someone in the US will also be singing ‘Europe’.”