The USD stands lower this morning against all G10 currencies, on the back of remarkably weak US durable goods orders. The EUR was a key beneficiary, up as much as 1.6% for the day, before paring those gains to sit at 1.1360. Core durable goods orders (ex-transportation) fell by 0.8% m/m in December, against expectations for 0.6% rise. There were also downward revisions to prior months. Business investment was also weak, with shipments falling 0.2% m/m (+1.0 exp.) and orders down 0.6% (+0.9 exp.). There were downward revisions here, too. This genuine weakness was the major driver of market sentiment, seeing the USD, equities, and bond yields sharply lower. The S&P 500 is 1.2% weaker for the day, having recovered somewhat from its depths after other USD data were better than expected. US new home sales rose by 11.6% m/m (+2.7% exp), and consumer confidence rose to 102.9 (95.5 exp), a fresh 7-year high
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