020 7898 0500Following a recent run of positive US economic data, it was rather surprising that the durable goods orders for October came in so far below expectations. They were forecast to increase by 0.4%, but they actually fell by 1.2%. Meanwhile, initial jobless claims came in slightly higher at 239,000 against an expectation of 236,000.
Still the dollar found itself weakening against the euro and sterling following the release of some positive consumer confidence data from the eurozone. The losses against the pound were fairly slight initially, but this is now the eighth consecutive day the greenback has slid against the pound.
They revealed that several members of the FOMC are concerned with financial market conditions. There were also some worries that inflation could remain below 2% for longer than has been expected. The news sent the dollar tumbling against the euro and pound, and it is now the eighth consecutive day the greenback has slid against the pound.
It is extremely quiet today for US economic data, with no major releases scheduled, but we will see several PMI releases on Friday.
