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U.S. Durable Goods Orders Climbs By 3%, Beating December Forecasts

U.S. Durable Goods Orders Climbs By 3%, Beating December Forecasts

2012-01-26 14:26:00
Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. Durable Goods Orders Exceed December Forecast] > [Indicates Further Manufacturing Gains] > [USD Strengthens]

U.S. durable goods orders rose by 3.0 percent in December, beating expectations. The median forecast according to a Bloomberg News survey showed an expected rise of 2.0 percent. November figures were revised from 3.8% up to 4.3%. Growth was led by demand for commercial aircraft, autos, and communications and business equipment, signaling further manufacturing gains. Unfilled orders rose by 1.5%, an encouraging indicator for future demand for manufacturing.

Orders for durables excluding transportation equipment rose by 2.1 percent, exceeding the 0.9 percent forecast and showing a significant increase from November’s figure of 0.5 percent (revised from 0.3 percent). Orders for non-defense capital goods excluding aircraft increased by 2.9 percent, the most since March, after a 1.2 percent decline in November. Shipments of non-defense capital goods, which is used in calculating gross domestic product, also increased by 2.9 percent, after a 1 percent decline in November.

USD/JPY 1-MinuteChart: January 26 2012

U.S._Durable_Goods_Orders_Climbs_by_3_Percent_body_Picture_7.png, U.S. Durable Goods Orders Climbs By 3%, Beating December Forecasts

Chart created using Strategy Trader Prepared by Tzu-Wen Chen

In the minutes after the data release, the U.S. Dollar strengthened against the Japanese Yen, rising from 77.490 towards 77.610, reflecting the positive fourth quarter growth figures.

U.S. Dollar 1-MinuteChart: January 26 2012

U.S._Durable_Goods_Orders_Climbs_by_3_Percent_body_Picture_4.png, U.S. Durable Goods Orders Climbs By 3%, Beating December Forecasts

Chart created using Strategy Trader Prepared by Tzu-Wen Chen

In the minutes following the data release, the U.S. Dollar Index (Ticker: USDOLLAR) strengthened from 9791, climbing towards 9798 at the time of this report. The rise was led by USD gains against the Japanese Yen and Australian Dollar.

--- Written by Tzu-Wen Chen DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.