Major Currencies Still Higher On US Durable Goods Orders
by Richard Lee
Not surprising, major currencies including the British Pound and Australian dollar continue to trade higher, while the Euro continues to meander slightly below yesterday’s close, throughout the New York morning session. Attributed to the upbeat tone in risk appetite was an earlier morning report that showed an uptick in US durable goods orders. Expected to decline by a 0.9 percent tick, the Commerce Department report showed a second consecutive gain of 1.8 percent for the month of May. An unexpected, and certainly warm welcomed result, the figure is boosting optimism that the world’s largest economy may be exiting one of the worst national recessions. The more specific core durable goods orders figure was higher by 1.1 percent, rising for the third in four months. The core figure excludes the volatile transporation component, which showed a double digit surge in the month.
AUDUSD remains higher following US durable goods report
Although well supported, the day’s positive tones continue to remain somewhat muted as markets continue to remain convinced of weaker manufacturing figures shown by earlier regional surveys and a Federal Reserve meeting announcement expected later today.
Tags: Australian Dollar, British Pound, Durable Goods, Euro
About the Author - Richard Lee
Richard C. Lee is the Chief Currency Strategist for OnlineForexTrading.com. Employing both fundamental and technical models, Richard has previously been featured on DailyFX.com, Bloomberg, FX Street.com, Yahoo Finance and Trading Markets.com. In analyzing the markets, he draws from an extensive experience trading fixed income and spot currency markets in addition to previous bouts in options, futures and equities.
