The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
American factory orders head south 0.8% in May
In May, US factory orders decreased 0.8% month-on-month, which is below the market consensus of a 0.5% decline, while shipments and core orders drop a hint at moderate improvements, as the research team at Nomura informed.
As follows from an advance report on durable goods orders, a great portion of the dip in headline factory orders was powered by a 3.0% sink in volatile transportation goods orders. Durable goods orders inched up 0.3% excluding this component. In addition to this, a proxy for real business equipment investment, core capital goods shipment was revised up to a 0.1% increase, implying steady progress in business investment.
Manufacturers’ inventories went down 0.1%, powered by a steep sag in petroleum as well as coal products inventories. Obviously, the given decrease might have taken place due to price effects because energy commodity prices have been moving lower in recent months.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The CAD is dominating the markets after the key rate increase! Read the full report to learn more about trading opportunities with the Canadian Dollar!
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.