The US Dollar has managed to hold steady against the Euro but has fallen against the British Pound after US durable goods orders took an unexpected tumble falling to a seven-month low and core orders plunged.
According to the US Census Bureau, core durable goods orders, excluding volatile transportation items fell by a seasonally adjusted level of 1.4% in March, Economists had been expecting the figure to post an increase of 0.5%. Core durable goods orders for February fell by a downwardly revised figure of 1.7%. Total durable goods orders, which include transportation items, tumbled by a seasonally adjusted 5.7% last month, worse than expectations for a drop of 2.8%.
Durable goods for February were revised down to a 4.3% gain from a previously reported 5.6% increase. These goods include things that are bulky or heavy which is designed to last for at least three years, such as trains, furniture or computers. Orders for core capital goods, a key barometer of private-sector business investment, rose 0.2%, missing expectations for a 0.3% gain and after falling 4.8% in February.
Shipments of core capital goods, a category used to calculate quarterly economic growth, inched up 0.3% last month, compared to expectations for a 0.8% gain, after rising 1.2% in February.
The decline in orders highlights the slowing of the global economy and has been exacerbated by the government budget cuts known as sequestration.
Current US Dollar Exchange Rates
As of 14:40 pm GMT
The US Dollar to Pound Sterling exchange rate is currently trading in the region of 0.6552
The US Dollar to Euro exchange rate is currently trading in the region of 0.7698
The US Dollar to Australian Dollar exchange rate is currently trading in the region of 0.9729
The US Dollar to Canadian Dollar exchange rate is currently trading in the region of 1.0262
The US Dollar to Japanese Yen exchange rate is currently trading in the region of 99.4289
Comments are closed.