US Durable Goods Up Next
The key data focus for today’s US session will be the July durable goods number. Ahead of Fed chairman Powell’s Jackson Hole speech this Friday, the data will likely be less meaningful than-usual. However, that is of course unless we see any big disappointment. While an upside surprise is unlikely to move the needle much for USD. Given the concerns over the Delta variant, and diminished risks of a hawkish signal from Powell, a weak reading today might sour the mood for USD, leading the greenback lower. The market is looking for the core number to remain unchanged at 0.5%, while the headline figure is expected to fall to -0.3%. Any miss on these numbers will likely see USD lower over the remainder of the day.
Where to Trade US Durable Goods?
NZDUSD
Antipodeans are trading well against USD this week. With NZDUSD back above the .6933 mark and with both RSI and MACD turning higher, there is room for the pair to continue back up towards a test of the .7110 level and bear-channel top if today’s release sees USD head lower.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.