Strong Durable Goods and Tax chatter lifts USD

USDJPY, H1                     

U.S. durable goods orders rose 2.2% in September, better than forecast, following the 2.0% bounce in August (revised from 1.7%). Transportation orders were up another 5.1% versus the prior 4.7% gain (bumped down from 4.9%). Excluding transportation, orders were up 0.7% after a like-sized increase in August (revised from 0.2%). Nondefense capital goods orders excluding aircraft climbed 1.3%, with August up 1.3% too (revised from 0.9%). Shipments rose a strong 1.0% after the prior 0.7% August increase (revised from 0.3%). Nondefense capital goods shipments ex-aircraft were up 0.7% versus the prior 1.2% gain (revised from 0.7%). Inventories rose 0.6% versus the prior 0.5% gain (revised from 0.3%). The inventory-shipment ratio was steady at 1.68 after August was revised down from 1.69.

USD tick higher following the announcement USDJP remains north of 114.00 and USDCHF north of 0.9900. USDPJY has support at 114.00 and 113.92 with resistance at the four month high at 114.25.

Up Next, the key event of the day, the BOC Statement and Interest Rate decision, US New Home Sales, the weekly Crude Oil Inventories and finally the BOC Press Conference.


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