The US dollar turned to the upside on Monday. Let's discuss what to expect next from the market.
Will the USD rise on strong Durable Goods Orders?
The American Durable Goods orders will be announced at 15:30 MT time on December 23.
Durable Goods Orders indicator refers to the percentage change in the number of new orders placed to the US manufacturers of hard goods during the examined month as compared to the previous month. A positive indicator means that there have been more goods ordered than in the previous period. That, in turn, would mean better economic outlook and consumption as projected by the industry participants for the coming three years. The recent dynamic for this indicator has been controversial: October orders were 0.6% higher than September, while the latter showed a 1.4% drop compared to the August figure. If the November figure is positive and exceeds market expectations, the USD will gain strength.
- If the indicator outperforms the forecasts, the USD will rise;
- If the indicator comes lower than the forecasts, the USD will fall.
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!
The market sentiment deteriorated because of the election uncertainty and worries about rising virus cases all over the world. Let's make some analysis!
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.