Value of US durable goods orders expected to rise sharply

NEW YORK (Forex News Now) – The Census Bureau is due on Thursday to release key data on core durable goods orders, in one of the day’s major realtime forex news events.

The report is expected to show that the total value of new purchase orders placed with manufacturers for durable goods, excluding the volatile transportation industry, rose by 1.7% in November, according to two online FX trading news outlets, after falling by 2.7% in October.

The bureau is scheduled to release the report at 1:30 P.M., GMT; as such it should affect currency market trading during the day.

However, the release of the report may also be overshadowed in North America by the release at the same time of weekly data on initial jobless claims, which was forecast to remain at around the same rate as the previous week.

According to EUR/USD analysis, should the data on new purchase orders show a lower-than-expected rise, it could lift the currency pair toward short-term resistance around yesterday’s high of  1.3181.

But should the value of new purchase orders rise even higher than 1.7%, it could push EUR/USD toward short-term support around the Nov. 30 low of 1.2968.