Heavy slate of US data coming up
US equity futures are on the defensive again but the FX market is sanguine so far, with the dollar getting more of a bid in the past hour.
The tone could be reset by a series of five economic data releases due at the bottom of the hour:
- May advance goods trade balance
- May wholesale inventories
- May durable goods orders
- Q1 GDP (third look)
- Weekly initial jobless claims
All the reports will offer something new about the economy but the ones most likely to move the market are weekly jobless claims and durable goods. Claims are forecast to rise another 1.32m with continuing claims expected at 20.0m. Durable goods orders are forecast to rebound 10.5% after a 17.7% contraction in April.
The market has been able to weather bad economic news for months but there are increasing signs of fragility.
For more, see the economic calendar.
