Economic Numbers Improve, U.S. Stocks Rally - Forex News by FX Leaders
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Economic Numbers Improve, U.S. Stocks Rally

Posted Monday, July 27, 2020 by
Shain Vernier • 1 min read

Today’s slate of economic numbers are in and U.S. stocks continue to grind higher. At the halfway point of the Wall Street session, the DJIA DOW (+92), S&P 500 SPX (+15), and NASDAQ (+102) are in the green. For the time being, a positive Durable Goods Orders report from June is drawing bids to the markets.

Here’s a quick look at this morning’s numbers:

Event                                                                         Actual                Projected         Previous

Durable Goods Orders (June)                                  7.3%                       7.2%                   15.1%

Durable Goods Orders ex Defense (June)             9.2%                      18.6%                  15.2%

Dallas FED Manufacturing Index (July)                   -3.0                            NA                      -6.1

Durable Goods Orders (June) have eclipsed expectations, as has the Dallas FED Manufacturing Index (July). Perhaps the biggest economic news was the steep drop in Durable Goods Orders ex Defense (June). All in all, this isn’t a bad group of economic numbers considering the fallout from the COVID-19 pandemic.

Economic Numbers Stout, USD/CHF Continues To Trend South

In a Live Market Update from last week, I outlined the importance of the COVID-19 Panic Low in the USD/CHF (0.9183). Thus far, the level has held up as support as rates are back above the 0.9200 handle.

economic
USD/CHF, Daily Chart

Overview: For the time being, it appears that the USD is poised to continue its bearish ways. However, the economic outlook is improving and Wednesday’s FED meeting is rapidly approaching. Perhaps a suggested shift in policy may bring bidders back to the USD for the first time since March.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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