US: Trade balance and factory orders in focus – Nomura
|Analysts at Nomura suggests that apart from NFP report, traders will focus on the release of trade balance and factory orders data in the US session.
Key Quotes
“Trade balance: According to the November Advance Economic Indicators report by the Census Bureau, the goods trade balance was -$65.3bn in November, which is a wider trade gap than expected. The exports of goods were weaker than expected, down 1.0% m-o-m. As for services, we still expect that service imports continued to increase steadily but service exports to have fallen modestly. All in all, our revised forecast for November trade balance is -$44.4bn, previously reported as -$42.4bn (Consensus: -$45.4bn).”
“Factory orders: Factory orders rose modestly by 2.7% in October. However, early data suggest that durable goods orders may experience a decline as nondefense aircraft and parts orders dropped sharply in November. As such, we expect durable goods orders in November to fall 3.8%. If realized, we expect durable goods orders may create some drag on total factory orders in November. Consensus expects a decline of 2.3% m-o-m in November.”
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