US durable goods: Expect a much weaker than consensus release – RBC CM

Sandeep Kanihama FXStreet Contributor

Adam Cole, Research Analyst at RBC Capital Markets, suggests that today’s August durable goods orders are the week’s only first-tier US data.

Key Quotes

“Our economists expect a much weaker than consensus release on both a headline and core basis (RBC -2.0% m/m; consensus -0.5%). The industrial side of the economy has been surprisingly soft and seems likely to remain so. The latest Philly and Empire both printed well below breakeven in ISM-terms. This, coupled with softer Boeing orders, suggests that headline durable goods should be quite soft (after a very firm print last month). The weaker manufacturing tone is also consistent with a decline in the capex proxy (RBC -1.5% m/m; consensus -0.1%).”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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