Upbeat US reports on Durable Goods Orders for August allowed the US Dollar to strengthen its position against the Euro. Following the release, the EUR/USD lost 15 base points to touch the intraday low of 1.1720. Despite temporary retreat to the 1.1770 mark, the pair remained under bearish sentiment, revealing no signals for a reversal in the near-term.
The Commerce Department showed that new orders for the US-made capital goods rose more than anticipated 1.7% over the month of August, while shipments continued to increase, suggesting the strengthening of the US economy, despite an expected drag from Hurricanes Irma and Harvey. Moreover, sign of rising spending on equipment buoyed expectations for the Fed’s December rate hike.
