U.S. durable goods orders dropped 6.8% in July after jumping 6.4% in June from unchanged in May (revised from -0.1%). Transportation orders giveth and taketh away, falling 19.0% following June’s 19.5% surge (revised from 19.0%). Excluding transportation, orders were up 0.5% from 0.0% previously (revised from 0.2%). Non defence capital goods orders excluding aircraft edged up 0.4% from unchanged (revised from -0.1%). Shipments rose 0.4% from June’s unchanged print. Non defence capital goods shipments excluding aircraft climbed 1.0% from 0.6% (revised from 0.2%). Inventories increased 0.3% from 0.5% previously (revised from 0.4%). The inventory-shipment ratio was steady at 1.68.
The dollar showed minimal reaction to the weaker headline durable orders outcome, leaving EURUSD idling just over 1.1800, and USDJPY on either side of 109.70. The market is largely sidelined into Yellen’s and Draghi’s speeches from Jackson Hole.
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