The US dollar surged upwards yesterday following excellent economic data. In one day it gained around 1.5% against the pound and euro and almost double that against the Australian dollar.
New orders for US manufactured durable goods increased 4.7% in June 2023, the largest month-on-month expansion since the immediate post-pandemic boom in July 2020. This was boosted by transportation equipment which surged by 12.1%.
Quarterly GDP accelerated to an annualised 2.4%, far above market expectations of 1.8%. Will that feel-good factor find its way to shoppers? We’ll hear personal spending data later today.
Next week the labour market will be back in the spotlight with JOLTS job openings and non-farm payrolls.
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USD/GBP past year
