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USD/JPY Sets a Daily High on an Impressive Rise in Durable Goods

USD/JPY Sets a Daily High on an Impressive Rise in Durable Goods

2014-04-24 13:45:00
Baruch Spier,
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Talking Points:

  • US Durable Goods Orders Rises the most in four months
  • Fed had previously warned of economic slack
  • USD/JPY climbs to a daily high

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Actual

Expected

Prior

Revised Prior

US Durable Goods Orders (MAR)

2.6%

2.0%

2.2%

2.1%

US Durables Ex Transportation (MAR)

2.0%

0.6%

0.2%

0.1%

US Initial Jobless Claims (APR 19)

329K

315K

304K

305K

US Continuing Claims (APR 12)

2680K

2745K

2739K

2741K

The US Dollar rose higher in Forex Markets, as the United States Commerce Department reported the strongest rise in durable goods orders in 4 months in March, and durable goods orders excluding transportation items rose the most in over a year. Also released this morning, initial jobless claims were reported higher than expected for the week of April 19, but continuing claims unexpectedly fell for the prior week.

Durable goods are items that are intended to last at least three years, and an increase in durable goods orders may indicate an upcoming rise in manufacturing production. Following the March Fed meeting, Chair Yellen said that there is still considerable slack in the economy. Therefore, an improvement in manufacturing could lead to less accommodative monetary policy and send the US Dollar higher.

USD/JPY 1-Minute: April 24, 2014

USD/JPY Sets a Daily High on an Impressive Rise in Durable Goods

The dollar rose to a new daily high against the Japanese Yen following the release, but the pair continues to trade below resistance by the February 11th high at 102.70. Senior Technical Strategist Jamie Saettele says he is looking lower in the USD/JPY pair following a test of 102.70 resistance.

Chart created by Baruch Spier using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

-- Written by Baruch Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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