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Durable goods orders in the US are expected to fall by 3.5% after a jump of 5.6%. However, the real data turned out to be worse, sinking by as much as 4.5%. The previous results were also revised dow to 5.1%. This only means that consumer activity in the region will decline soon, while growth will be less than expected. Accordingly, dollar will weaken rather quickly.
Durable Goods Orders (United States)
Dollar has been losing ground because of weak macroeconomic data. If it was not, then the currency would either strengthen a little, or simply stagnate. However, the former is highly unlikely due to continuing overbought USD, so, most likely, dollar will face some kind of stagnation.
Talking about euro, it pulled back against dollar after the price came close to the support level of 1.0500. But despite the slight correction, the trend is still downwards, thus, an update of the current low could lead to a breakdown of the support level. In case the quote manages to stay above 1.0650, market sentiment may shift.
Pound also saw a pullback, but this time by as much as 120 pips. Even so, it remains within the deviation of the psychological level of 1.2000. Moving away from 1.1950/1.2050 in D1 will prompt a sideways move along 1.2000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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