Durable goods orders dropped by a huge 5.7%, almost double the expectations for a drop of 2.9%.. Also the core figure fell below expectations: a drop of 1.4%, worse than a rise of 0.5% that was expected. In addition, the figure for the previous month was revised to the downside: a drop of 0.7% instead of 0.5% originally reported.
These figures make the task for USD/JPY to conquer 100 much harder.
While the numbers tend to be volatile, a worse than expected figure and downwards revisions can only be interpreted as bad news. The figure joins weaker than expected jobs, retail sales and PMIs.
USD/JPY is retreating after another move closer to the magical 100 line that is so hard to encounter.
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The US is not alone with reporting weak numbers. Also Germany had its share, with a worse than expected IFO figure joining weak PMIs. EUR/USD continues struggling with the 1.30 line.
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