Durable Goods Orders unexpected rose in July
Orders for capital goods increased in July by the most in more than a year, showing corporate spending was finding its footing prior to the turmoil in financial markets. Bookings for non-military equipment excluding planes climbed 2.2%, the most since June 2014, after increasing 1.4 percent in June, data from the Commerce Department showed Wednesday in Washington. Orders for all durable goods rose 2%, beating forecasts on a decrease by 0.4%.
An expanding economy, buoyed by steady hiring, prompted business managers to feel more comfortable about updating equipment as the negative effects of dollar appreciation abated. Consumer purchases, especially on vehicles, were supporting domestic demand even as overseas demand remained weak heading into the market turbulence this month. Core Durable Goods rose by 0.6%, also above anticipated increase by 0.3%.
USD is currently being traded higher against its major rivals. Euro is around 1.1360 level, Sterling is few points above 1.5570 area, while Aussie is at 0.7140 area.
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