PREVIOUS TRADING DAY EVENTS 27 Sep 2023

U.S. Durable Goods Orders reports show that orders rose in August due to an increase in machinery and other products with the rise in business spending on equipment. There is an apparent resilience in both business investment and the overall economy, despite the Federal Reserves aggressive monetary policy tightening. 

While inflation and downward revisions to July data give a reality check to the report, strength everywhere else in the economy suggests thirdquarter growth is on solid footing regardless of tepid equipment spending, said Will Compernolle, macro strategist at FHN Financial in New York. If nothing else, the resilience of business investment is one more reason the Fed can be cautiously optimistic that its rapid rate hikes have not tipped the economy into a recession.

Durable goods inventories rose 0.2, while unfilled orders increased 0.4. 

Todays estimates reinforce ongoing resilience in the manufacturing sector, reflecting restocking demand and what is shaping up to be another solid quarter for equipment investment, said Jonathan Millar, senior economist at Barclays in New York.

Core capital goods shipments rebounded 0.7 after falling 0.3 in July. Shipments of nondefense capital goods soared 1.2, reversing the prior months decline.

Source httpswww.reuters.commarketsususdurablegoodsordersunexpectedlyriseaugust20230927

Winners vs Losers

USDCHF remains on the top of the weeks winners list having 1.58 gains…