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EUR/USD Update – Orders for U.S. Durable Goods Increase More Than Forecast



Good day forex traders and readers.

A quick look at the EUR/USD now shows that the currency pair remains capped in a narrow range. 1.3240 remains a resistance to be conquered by the bulls. I would not be convinced of a bullish climb before seeing this resistance clearly taken down.

A report from Bloomberg below suggests a mixed bag of data coming from the US and this may also explain the undecided nature of the EUR/USD for now :

Orders for U.S. durable goods rose more than forecast in June, showing a pickup in demand that will help propel manufacturing and the economy in the second half of the year.

Bookings for goods meant to last at least three years increased 4.2 percent, led by transportation equipment, after a revised 5.2 percent gain in May that was bigger than initially reported, the Commerce Department said today in Washington. The median forecast of 79 economists surveyed by Bloomberg called for a 1.4 percent advance. Unfilled orders for big-ticket goods rose the most since December 2007.

Gains in residential real estate and motor vehicle sales are helping make up for weakness in overseas markets and benefiting companies such as Ford Motor Co. (F) and Whirlpool Corp. (WHR) A pickup in business investment amid lean inventories would provide a boost to manufacturing after a first-half slowdown.

“The manufacturing sector seems to be growing, but not particularly strongly,” said David Sloan , senior economist at 4Cast Inc. in New York . “It’s a fairly positive report, though it’s not broad-based.” The figures suggest “there’s a recovery in place.”

Stock-index futures held losses after the figures, with the contract on the Standard & Poor’s 500 Index expiring in September falling 0.3 percent to 1,678.5 at 8:52 a.m. in New York. Jobless Claims

Another report showed more people filed for unemployment benefits last week. Jobless claims rose by 7,000 to 343,000 in the period ended July 20, the Labor Department said.

Bookings increased last month for commercial aircraft, motor vehicles and machinery. Orders excluding transportation equipment, which is volatile month to month, were unchanged after a 1 percent advance in May that was twice as much as previously estimated.

Forecasts for all durable goods orders in the Bloomberg survey ranged from a drop […]

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