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Free AccessSolid U.S. Factory Orders
A solid beat on June factory orders (+1.5% vs +1.0% expected); ex-transport +1.4%, and with strong upward revisions to May, in data released at 1000ET.
- Durable goods orders revised up to +0.9% in the final reading (vs 0.8% prior). Core capital goods orders revised up too, to +0.7% (vs +0.5% prior).
- The initial June release had been a little tricky to read, coming in well below expectations, but with higher revisions to prior months. At this stage though it looks like core cap goods orders (ex-aircraft, ex-defense, which correlate well with future months' business investment) has performed more strongly than expected over the past couple of months.
- That said, we're well off the 1+% M/M growth figures in core seen in March and April.
- Treasuries a few ticks off session highs following the release, but nothing remarkable. The bigger data tests await later in the week (namely nonfarm payrolls Friday).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.