US durable goods data for July came in flat on a MoM basis, well below expectations of 0.6%. Durable goods ex. transportation was 0.3%, in-line with Wall Street estimates. Get your market update from BrendanFaganFx here:
estimates. The number was weighed down by a sharp decline in military bookings, with defense aircraft orders falling 50%. Fears over slowing growth and higher borrowing costs in the near-term could continue to weigh on incoming data as the economic picture in the US deteriorates. The disappointing data follows yesterday’s PMI release which saw services data sink well into contractionary territory.
This week’s data continues to set the stage for a Friday session that will see US PCE data drop and Fed Chair Jerome Powell speak from the Jackson Hole Economic Symposium. Markets have been struggling to digest the plethora of information we have received lately, as slowing economic data in the US battles with extremely strong labor market prints.
Following the sharp drop in the Greenback after Tuesday’s dismal PMI data, the US Dollar has resumed its relentless march higher, nearly retracing all of yesterday’s decline. Resistance remains ahead at 109.29, which halted yesterday’s advance and also marked the July top. The Dollar basket continues to be pushed higher by weakness in the
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