US Durable Goods increase in July to beat forecasts. US dollar gains in Forex Trading. | CountingPips Forex Blog

August 27, 2008 - Forex Economic News

US Durable Goods increase in July to beat forecasts. US dollar gains in Forex Trading.

Durable goods orders in the United States rose 1.3 percent in July surpassing economic forecasts according to news released by the U.S. Commerce Department today. July posted a $2.9 billion increase in new orders for durable goods to a total of $219.3 billion. July's increase follows an increase of 1.3 percent in June and is the third month in a row that durable goods US Dollar gains in forex trade have advanced. Market expectations had forecasted that durable goods orders would be unchanged from last month.

New orders for durable goods excluding transportation gained by 0.7 percent in July beating market expectations that predicted a decrease of 0.5 percent while new orders excluding defense advanced by 2.8 percent. Durable goods are products manufactured in the U.S. and considered to last more than three years. Shipments of durable goods increased by 2.5 percent or $5.3 billion in July following a rise of 0.9 percent in June. Unfilled orders increased 0.8 percent in the month and durable good inventories increased 0.8 percent from June which also saw a 0.8 percent gain. July nondefense orders for goods rose by 6.3 percent while defense orders for goods decreased by 25.7 percent.

US dollar gains in Forex Trading.

The U.S. dollar has been gaining ground today in the forex market against all of the major currencies. The dollar has increased against the euro today from the open at approximately 1.4732 dollars per euro to trading in the U.S. afternoon at 1.4678. The dollar has also advanced verses the British pound sterling today to trading at approximately 1.8317 pounds per dollar and showing a gain from the start of the day at 1.8466. The Japanese yen has declined verses the dollar as the USD/JPY currency pair has increased from 109.04 at the start of the day to advancing to 109.82 after noon today. Elsewhere, the U.S. dollar has also increased verses the Canadian dollar to 1.0483, the Swiss franc to 1.1019, the Australian dollar to 0.8552 and the New Zealand dollar to 0.6984.

USD/JPY Chart - The dollar gaining today against the Japanese yen in currency trading today(Hourly Chart).

Forex Chart

tags: durable goods, forex trading, currencies

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