BREAKING: USD strengthens further after US GDP and durable goods orders data

The US economy advanced by an annualized  6.9% in the fourth quarter,  following a 2.3 % expansion in the previous three-month period, above analysts’ estimate of  5.5%. 

The core PCE price index, which excludes volatile items such as food and energy, rose to 4.9% QoQ, from 4.6% advance in the third quarter and in line with market expectations. 

New orders for US manufactured durable goods fell to -0.9% month-over-month in December, from 2.5% increase in November and compared to market expectations of a -0.5% decrease.

The number of Americans filling for unemployment benefits was  0.260 million in the week ended January 22, compared to 0.290 million reported in the previous week. Today’s reading came in line with market expectations. 

Continuing claims reading, which lags initial jobless claims data by one week, rose to 1.675 million, while analysts expected increase to 1.650 million. 

EURUSD is trading lower today and today’s data provided more fuel for bears. The main currency pair reached lowest level since May 2020. Source: xStation5