Economic Numbers Improve, U.S. Stocks Rally
It appears that the USD is holding bearish. However, the economic outlook is improving as Wednesday’s FED meeting approaches.
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.
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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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