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US GDP data surprises to the upside
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Durable goods orders for October showed a surprise increase
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EURUSD broke below intraday trading range and tested 1.10 handle
A major data pack from the United States, including preliminary durable goods orders data for October and revision of the Q3 GDP figures, has been released at 1:30 pm GMT. The annualized GDP growth of 2.1% QoQ was higher than estimated 1.9% QoQ. Details showed higher exports and imports than preliminary reading - 0.9% and 1.5% respectively. Personal consumption at 2.9% was unchanged against the first release. Major improvement was spotted in gross private investments as those showed a decline of 0.1% against -1.5% signalled by preliminary print.
Preliminary goods orders for October turned out to be a major surprise as well as the came in at 0.6% MoM against expected drop of 0.9% MoM. The core gauge at 0.6% MoM was better than expected as well (estimate 0.1% MoM). USD is being boosted by the data. EURUSD breaks below the daily trading range and tests 1.10 handle.
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EURUSD has been locked in a narrow consolidation range for the major part of the European trading hours. US data turned out to be much better than expected. The pair managed to break below the lower limit of the range and test the 1.10 handle. Source: xStation5
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