Prior month +1.4% revised to +1.7%
The factory orders for the month of October came in better-than-expected but still negative at -0.1% versus -0.4% estimate.
- the prior month was revised higher to 1.7% from 1.4%
- factory orders Ex transportation came in at 0.8% versus a revised 1.1% (was +0.7%)
- durable goods orders for October final came in at -0.8% versus -1.0% estimate. The preliminary reading was -1.2%
- durable goods ex transportation came in higher at 0.9% versus 0.4% originally reported
- Cap Goods orders nondefense ex-air came in at 0.3% versus -0.5% in the preliminary estimate.
- Cap Goods orders nondefense ex-air came in at 1.1% versus 0.4% preliminary estimate
Other details are showing:
- motor vehicle orders increase 1.3% versus unchanged in September
- orders for machinery rose 1.9% after 0.8% gain in September, but mining, oil field and gas field machinery orders fell 1.4% but that was after soaring 20.2% in September. We have been seeing a pickup in the Baker Hughes oil rigs lately as a prices rebounded
- business spending on equipment increased at the fastest pace in three years in the third quarter. Manufacturing makes up 12% of the US economy - helped by expectations for lower corporate taxes. A 7% decline in the dollar against the main trading partners is also helping the export sector.
Overall the numbers were better than expectations. However there is little in the way of market action.
The USDJPY remains below the 113.00 level. The 200 bar MA on the 4-hour chart comes in at that level. The line has been breached a few times today, with a high break of 113.083. Not much momentum on moves above. The pair is trading at 112.86 currently.
