Forecast: How will U.S. durable goods orders impact GBP/USD?

ForexNewsNow | Published on August 25, 2010 at 12:47 am

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GBP USD analysis - The census bureau was due on Wednesday to publish data on U.S. durable goods ordersNEW YORK (Forex News Now) – The Census Bureau is due on Wednesday to release a key report on new orders for long-lasting U.S. manufactured goods in July, in one the day’s spotlight real time forex news.

The bureau is expected to report that core durable goods orders, which exclude transportation items, rose 0.6 percent during the month from a month earlier, according to two online fx trading news outlets, after dropping 0.9 percent in June.

The bureau is scheduled to publish the data at 12:30 P.M. GMT; as such, the report is likely to dominate European afternoon currency market trading.

According to GBP USD analysis, if the report shows a greater-than-expected rise in durable goods, cable could be lifted toward immediate resistance around Tuesday’s high, 1.5509.

But if the data shows a slighter-than-forecast rise, or even a drop, GBP/USD could be pushed down towards support around the low of July 23, 1.5255.

Of course, an upbeat report from the bureau could also boost FX traders’ risk appetite, which would be likely to strengthen sterling against the dollar.



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