Here is the list of major economic updates. All eyes on home sales and crude oil inventory.
USD: Core Durable Goods Orders m/m at 6:00 PM
Measures: Change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items
Released monthly, about 26 days after the month ends
Next Release Date Sep 27, 2022
This data is usually revised via the Factory Orders report released about a week later. Orders for aircraft are volatile and can severely distort the underlying trend. The Core data is therefore thought to be a better gauge of purchase order trends
It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders
Forecast- [0.2%]
Previous- [0.4%]
Actual- ?
Impact- The forecast figure seems to be slightly negative for base metals and the dollar while positive for bullions. The actual figure to release at 6:00 PM.
USD: Durable Goods Orders m/m at 6:00 PM
Measures: Change in the total value of new purchase orders placed with manufacturers for durable goods
Released monthly, about 26 days after the month ends
Next Release Date Sep 27, 2022
This data is usually revised via the Factory Orders report released about a week later. Durable goods are defined as hard products having a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes
It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders
Forecast- [0.9%]
Previous- [2.0%]
Actual- ?
Impact- The forecast figure seems to be slightly positive for base metals and the dollar while negative for bullions. The actual figure to release at 6:00 PM.
USD: Pending Home Sales m/m at 7:30 PM
Measures: Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction
Released monthly, about 28 days after the month end
Next Release Date Sep 28, 2022
This data is released about a week later than Existing Home Sales, but it’s more forward-looking as a contract is signed several weeks before the home is counted as sold
It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction
Forecast- [-2.6%]
Previous- [-8.6%]
Actual- ?
Impact- The forecast figure seems to be slightly negative for base metals and the dollar while positive for bullions. The actual figure to release at 7:30 PM.
Crude Oil Inventories at 8:00 PM
Measures: Change in the number of barrels of crude oil held in inventory by commercial firms during the past week
Released weekly, 4 days after the week ends
Next Release Date Aug 31, 2022
While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector
It’s the primary gauge of supply and demand imbalances in the market, which can lead to changes in production levels and price volatility
Forecast- [-2.9M]
Previous- [-7.1M]
Actual- ?
Impact- The forecast figure seems to be slightly positive for Crude Oil The actual figure to release at 8:00 PM.
Source: Forex Factory
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