U.S. Durable Goods Orders on Tap
June 24th, 2010 Posted in Daily Forex News
Name: Yan
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Yesterday’s most significant publication was the Federal Funds Rate. This is in fact the U.S. Interest Rates announcement for July. The Fed’s decided to leave rates at a record low, and even pledged to keep the low rates in the near future. This has weakened the Dollar, especially vs. the Euro and the Pound. As a result, crude oil tumbled as well, and a barrel of crude oil is currently trading around $76 a barrel. However, positive U.S. data today might have potential to correct yesterday’s losses.
Here are today’s leading news events:
• 09:00 GMT, European Industrial New Orders – It’s a leading indicator of production. A positive figure usually signals that manufacturers will increase activity as they work to fill the orders. If the end result will beat expectations for 1.6% rise, the Euro is likely to be supported.
• 12:30 GMT, U.S. Core Durable Goods Orders – This indicator measures the change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items. Analysts have forecasted that the Durable Goods Orders rose by 1.1% during May. Such a result has potential to boost the Dollar.
• 12:30 GMT, U.S. Unemployment Claims – This report measures the number of individuals who filed for unemployment insurance for the first time during the past week. If the end result will be lower than the expected 461,000 – the Dollar might rise against the majors.
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Tags: dollar, EUR/USD, Fed Funds Rate, Forex Trading, U.S. Durable Goods Orders
