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U.S. durable goods slump more than expected in May

Investing.com -

Investing.com - U.S. orders for long lasting manufactured goods fell more than forecast in May, while the core reading bounced back only slightly from a prior decline, dampening optimism over the U.S. economy, according to official data released on Monday.

Total durable goods orders, which include transportation items, decreased by 1.1% last month, the Commerce Department said, compared to economists' expectations for a decline of 0.6%.

April's orders were revised down to show a drop of 0.9% from a previously reported 0.8% decrease.

Durable goods are typically bulky or heavy manufactured products designed to last at least three years.

Core durable goods orders, which exclude volatile transportation items, inched up by 0.1% last month, compared to forecasts for a 0.5% gain.

April's core durable goods orders showed a 0.5% decline.

Durable orders excluding defense fell by 0.6% in May, compared to the prior month's 0.9% decrease.

Durable goods excluding defense and aircrafts dropped by 0.2% in May, compared to expectations for a 0.3% gain.

The previous month registered a 0.2% rise, revised from an initial increase of 0.1%.

After the report, EUR/USD was trading at 1.1207 from around 1.1187 ahead of the publication; GBP/USD was at 1.2747 from 1.2732 earlier; while USD/JPY was at 111.49 from 111.67 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 96.91 compared to 97.05 prior to the release.

Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures gained 70 points, or 0.33%, the S&P 500 futures rose 7 points, or 0.27%, while the Nasdaq 100 futures traded up 27 points, or 0.46%.

Elsewhere, in the commodities market, gold futures traded at $1,241.98 a troy ounce, compared to $1,238.02 ahead of the data, while crude oil traded at $43.20 a barrel from $43.12 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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