US durable goods rebounds

25 December, 2017

Today’s US and Canadian data release sees – U.S. durable goods orders rebounded 1.3% in November, shy of expectations, from a revised 0.4% decline (was -0.8%; September’s 2.2% gain was revised up to 2.4%). Transportation orders increased 4.2% following October’s 3.9% drop (revised from -4.3%). Excluding transportation, orders dipped 0.1% from the prior 1.3% gain (revised from 1.0%). Non defence capital goods orders excluding aircraft slipped 0.1% too, after the prior 0.8% gain (revised from -0.5%). Shipments climbed 1.0% from 0.5% (revised from 0.4%). Non defence capital goods shipments excluding aircraft were up 0.3% from 1.3% (revised from 1.1%). Inventories increased 0.2%, the same as in October. The inventory-shipment ratio slipped to 1.66 from 1.67.

U.S. personal income rose 0.3% in November with spending up 0.6%. The 0.4% increase in October income was not revised (though September was nudged up to 0.5% from 0.4%). The 0.3% spending increase in October was bumped down to 0.2% (September’s prior 0.9% gain was nudged up to 1.0%). Compensation increased 0.4% versus 0.2% previously (revised from 0.3%). Wage and salary income improved 0.4% from 0.2% (revised from 0.3%). Disposable income rose 0.4% versus the prior 0.4% gain (revised from 0.5%). The savings rate slowed to 2.9% from 3.2%. The PCE chain price index increased 0.2% after October’s 0.1% gain, and posted a 1.8% y/y rate from 1.6% y/y previously. The core rate increased 0.1% from 0.2% and is up 1.5% y/y versus 1.4% y/y. The inflation rate

Canada GDP was flat (0.0%) in October after the 0.2% gain in September. The lack of growth in October GDP begins Q4 on a weak note, and makes the BoC’s 2.5% estimate for real Q4 GDP a bit of a stretch as we need very strong monthly GDP growth in November and December to achieve the BoC’s projected Q4 growth rate.is moving up slightly, but is still below the FOMC’s 2% target.

The results saw a sharp rebound in USDCAD from today’s low under 1.2700 pre-data to 1.2795. Next resistance is the H1 200 EMA and Daily R1 at 1.2815. Support  is now the Daily pivot at 1.2755 and the cluster of fractal highs at 1.2745.


Source  
More mixed news on US Jobs ahead of NFP7 Aug, 2020  

US initial jobless claims dropped -249,000 to 1,186,000 in the week ended August 1. That breaks a worrisome rise in claims the prior two weeks with a revised...

FAANGS report the same day!30 Jul, 2020  

Corporate earnings and concerns about the impact of new localized lockdown measures due to spikes in coronavirus infections, alongside geopolitical...

Events to Look Out for the Week13 Jul, 2020  

An interesting week is coming up, packed with economic data and political developments, as next week's EU summit highlights that the EUR 750 bln...


A weaker Yen & Stronger Kiwi today12 Feb, 2020  

The Yen remained soft while the Dollar bloc currencies extended recent gains as risk appetite in global markets held up, with a reported dip in new...

ECB in focus as trade tensions ease26 Jul, 2018  

European Commission President Juncker and US President Trump agreed to suspend new tariffs during the negotiations which aim to lower barriers to transatlantic...

Long yields continue to climb10 Jul, 2018  

Nikkei gained 1.09% after a strong close on Wall Street and with the earnings season starting to overshadow lingering trade jitters at least for now. A weaker...


Stocks opened lower on trade tension6 Apr, 2018  

U.S. trade tariffs tightened market conditions. Coeure said that “while the effects of any tariffs on output and inflation may take time to materialise, falls...

Stock markets mostly moved higher16 Feb, 2018  

China and Hong Kong alongside other markets were closed for Lunar New Year holidays, which muted trading, but the Nikkei gained 1.19%...

Dollar traded mostly softer13 Feb, 2018  

The U.S. currency has been correlating inversely with global stock market direction of late on the causation that risk-on phases have seen investors...