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.”
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.
