November’s US Advance Durable Goods Orders came in above expectations, dropping by –4.6%, but above the expectation of – 4.8%. This is, however, significantly below last month’s reading of + 4.6%. United States’ GDP for Q3 was revised higher, to 3.5% from 3.2%.
The USD rose sharply against the EUR and GBP on the back of this data but quickly retraced. The thinner markets over the festive period tend to increase currency movement (though without any real logic) so the dollar could see some of its biggest moves over this month.
This is our last currency note before Christmas, so we wish you all a very merry Christmas and we hope that Father Christmas brings you all the Durable Goods that you wished for. The next currency note will be with you early on 29th December.
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