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Bank of Japan keeps policy unchanged, upgrades FY22 and FY23 inflation outlook to 1.1%

A Surprising Rise in Durable Goods Orders Bumps US Dollar Higher

A Surprising Rise in Durable Goods Orders Bumps US Dollar Higher

Benjamin Spier, Technical Strategist

Talking Points:

  • US Durable Goods Orders rises 3.5% in November, beating expectations
  • USD/JPY gains muted ahead of the early market close

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US durable goods orders increased more than expected in November, sending the dollar slightly higher in Forex trading at the time.

Durable goods orders rose by 3.5% from the prior month, beating expectations for a 2.0% rise in orders and better than the revised 0.7% decline in durable orders reported for October. Excluding the more volatile transportation orders, durables orders rose 1.2%, also better than expectations for 0.7%.

Following the Fed’s decision to taper its monthly asset purchases by 10 billion US Dollars last week, Chairman Bernanke said the Fed may continue to taper its monthly purchases in future months, depending on the economic data assessments. Therefore, better than expected economic releases like today’s durable goods orders may paint a brighter picture of the US economy and encourage further unwinding of QE3.

That is why the US Dollar jumped about seven pips against the Japanese Yen following the release, although the reaction was muted because durable goods orders are not a major data point and volatility is low before the holidays. USD/JPY continues to trade above 104.00 at the time of this writing, and a 5-year high at 104.63 may continue to provide resistance.

Reminder: FXCM’s trading closes early today for the Christmas break. Full holiday schedule here.

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USD/JPY 1-Minute: December 24, 2013

A_Surprising_Rise_in_Durable_Goods_Orders_Bumps_US_Dollar_Higher_body_Picture_1.png, A Surprising Rise in Durable Goods Orders Bumps US Dollar Higher

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

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