If the Federal Open Market Committee statement wasn't enough, there is more due from the US today (Thursday 27 July 2017)
- Due at 1230GMT, along with inventory data, Chicago Fed data and Kansas Fed data
For the durable goods report, some bank 'what to expect's:
Deutsche Bank:
- Headline durable goods orders (+3.5% vs. -0.8%) will be boosted by Boeing aircraft while ex-transportation orders (+0.5% vs. +0.3%) should rise more modestly.
- As always, we will pay close attention to nondefense capital goods orders excluding aircraft (+0.5% vs. +0.2%) which is the core of the report and a key indicator of the underlying trend in equipment spending in the GDP accounts.
- While we project a slight narrowing in the advance goods trade balance (-$65.0 billion vs. -$65.9 billion) last month, the external sector was likely a mild drag on inflation-adjusted output last quarter.
Société Générale:
- We look for the headline durable goods figure to have jumped by 4.3% in June on the back of a noticeable rise in aircraft bookings.
- Last month, Boeing reported 184 orders versus just 13 in May, and the value of those orders was roughly $36 billion compared to $3.0 billion in May. That gain likely translated into the level of durables aircraft bookings more than doubling.
- Excluding the volatile transportation sector, however, durable goods orders likely inched up by only 0.2%.
- Meanwhile, orders for non-defense capital goods excluding aircraft may have been up marginally in June. After a noticeable bounce in Q1, growth in non-defense capital goods orders ex-aircraft and shipments has eased thus far in Q2.