This afternoon’s early reports from the US regarding its durable goods orders for June gave some cause for consternation. On the one hand, both the nominal and core reports underlined growth from the previous month’s steep declines. On the other hand, the more impactful core report came in below forecasts.
While it is true that the nominal report showed growth in durable goods orders well beyond forecasts (a hearty 1.9% growth), the core report, which factors out the more volatile transportation items, revealed stagnation in other sectors of durable goods orders. The murky growth of only 0.6%, below the 1.0% expected, furrowed more than a couple eyebrows as traders assessed the level of risk appetite in the American markets.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
