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In January, new orders for American goods shot up less than anticipated, tamed by dives in orders for computers as well as electronic products, which is another sign of decelerating manufacturing activity.
As a matter of fact, factory goods orders rallied by 0.1% because demand for primary metals along with fabricated metal products shrank. It followed December’s unrevised 0.1% leap.
Financial analysts had hoped factory orders would soar by 0.3% in January. Eventually, factory orders jumped by 3.8% in contrast with January last year.
The publication of the report was postponed by a 35-day shutdown of the federal cabinet, which concluded on January 25.
Last Friday’s reports revealed that manufacturing output went down for a second month in a row in February, while factory activity in New York state reached an almost two-year minimum in March.
Manufacturing, accounting for 12% percent of the American economy, is actually losing momentum because the stimulus from the previous year's $1.5 trillion tax trim package recedes. Activity is also being affected by a trade conflict between China and America and also by the previous year's leap in the evergreen buck and softening global economic surge, affecting exports.
In January, orders for machinery went up by 1.5% having dived by 0.4% in December. As for orders for oil field, gas field machinery, and mining, they dived by 2.7% having decreased by 8.2% in December.
Orders for electrical equipment, components, and appliances bounced off 1.4% having declined by 0.3% in December. Electronic products and computers went down by 0.9% having slipped by 0.4% in December.
As for orders for primary metals, they shrank by 2%, while fabricated metal products orders lost 0.6%. Additionally, transportation equipment orders rallied by 1.2% in January, decelerating from the previous month’s 3.2% surge.
The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.
During the European trading session, both the US and the UK yield curves inverted.
Levels for Wednesday's trading
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