Forex News

U.S durable goods push dollar to new session high

durable goods dollar

The United States of America released durable goods orders for July, rising above expectations for the second consecutive month, reflecting an improvement in U.S. household spending. This pushed the US dollar to record highs during Monday's session.

The U.S durable Goods orders index rose 2.1 percent after forecasts of a 1.4 percent rise, while the previous reading was revised to 1.9 percent instead of 2 percent.

The core Durable Goods Orders Index fell by 0.4 percent, with expectations of a 0.2 percent rise, while the previous reading was also revised up by 1.0 percent from an earlier 1.2 percent rise.

The improvement in the durable goods index reflects improved spending in the U.S. household sector, which the Federal Reserve is betting on supporting economic growth, especially as the job sector continues to improve and wage rates rise and stability.

U.S. data today on the other hand helped the U.S. dollar return to the rise, to record the highest level during the session today after the news, this comes after the big decline seen last Friday following the speech of Federal Reserve Chairman Jerome Powell on the future of policy Cash. For more details on Powell's speech.

As of 13:13 GMT, the dollar index, which measures the performance of the Federal Currency against a basket of six major currencies, rose today by 0.5% to reach a high of 97.96 today and was at 97.51 to trade at 97.88.

Share Article