US durable goods orders added 0.4% in April after rising 0.6% a month earlier, slightly weaker than the 0.6% increase expected. Excluding transportation, orders rose by 0.3% in April, following a 1.1% increase a month earlier. This series shows steady growth, easing fears of an impending US recession.
Companies and people tend to avoid making expensive purchases in anticipation of tough times ahead, so durable goods orders are considered one of the leading indicators of the economic cycle.
This indicator points to the resilience of business demand, which is outperforming inflation with a 12.1% y/y against 8.3% y/y inflation. Such data is supportive of the Dollar reducing speculation that the Fed will cause a recession soon with its rate hikes.
The FxPro Analyst Team
- S&P 500 reversed from support level 5000.00 - Likely to rise to resistance level…
- USDCHF reversed from support zone - Likely to rise to resistance level 0.9200 USDCHF…
The single currency is trading near $1.076, waiting for further cues and facing serious resistance…
Market picture The crypto market capitalisation fell by 1.7% in 24 hours to $2.29 trillion,…
- USDJPY reversed from support zone - Likely to rise to resistance level 155.65 USDJPY…
- Gold reversed from support zone - Likely to rise to resistance level 2400.00 Gold…
This website uses cookies