US Durable Goods Orders Jump 9.9% – Impact on USD/JPY
German GfK Consumer Confidence: Today’s GfK Consumer Confidence for Germany fell to -22.0 for September, a significant drop from -18.6 in August. This decline reflects growing economic concerns among German consumers, particularly as prices rise across various sectors. The euro has felt the pressure, showing some weakness in early trading(DailyFX, Forex Factory).
US Durable Goods Orders (July 2024): Yesterday, the US released its Durable Goods Orders data for July. The report showed a surprising increase of 9.9%, well above the forecasted 3% and sharply rebounding from June’s revised -6.9%. This significant jump was driven by strong demand in the transportation sector, particularly for aircraft and parts. The data suggests a robust rebound in manufacturing, which could influence Federal Reserve decisions on interest rates( DailyFX).
Major Currency Pairs
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EUR/USD: Following the weak GfK data from Germany, the euro is trading at 1.1170, showing slight gains of 0.05% as of 08:17 AM. The pair remains under pressure but has shown resilience due to the broader market dynamics.
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GBP/USD: The pound is trading at 1.3214, up by 0.17%. The positive momentum is supported by stable economic indicators in the UK, but caution remains ahead of potential BoE decisions.
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USD/JPY: The yen has weakened slightly, with USD/JPY trading at 144.84, up 0.23%. The dollar is gaining strength on the back of strong US economic data, including the recent Durable Goods Orders.
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AUD/USD: The Australian dollar is trading at 0.6783, up 0.14%. The currency is finding support from stable commodity prices, although concerns over China’s economic situation continue to loom.
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NZD/USD: The New Zealand dollar is up by 0.27%, trading at 0.6221. Positive risk sentiment is helping the kiwi despite global uncertainties.
Commodities:
Crude Oil: Oil prices are stable today, with WTI crude trading at $77.38 per barrel, down slightly by 0.05%. Brent crude is trading at $81.45 per barrel, up by 0.03%. The market is focused on supply dynamics and geopolitical tensions(Forex Factory).
Gold: Gold is trading at $2,515.43 per ounce, with no significant movement as of this morning. Investors continue to monitor central bank policies and inflation, which are key factors influencing gold prices(Forex Factory).
Political News: The UK and US political scenes have been relatively quiet today, with markets mainly focused on economic data. In the US, the strong Durable Goods Orders report adds to the mixed signals regarding the Federal Reserve’s next move. Meanwhile, in the UK, traders are awaiting further economic data that could influence the Bank of England’s decisions.