A Commerce Department report unveiled on Thursday revealed that orders for US-made goods rebounded 1.20% in August following a sharp decline in the prior month, outpacing the 1.10% gain forecast by economists polled by the Wall Street Journal. The better than expected number suggested strong business spending could help offset the economic drag from Hurricanes Irma and Harvey. Separately, the US trade deficit narrowed in August as exports of goods and services jumped to the highest point in over two and half years. The trade gap contracted -2.70% to $42.40 billion, beating the consensus estimate for the August trade deficit narrowing to $42.70 billion whereas July’s shortfall was revised downwards to $43.60 billion. Exports surged 0.40% to $195.30 billion, while imports slipped -0.10% to $237.70 billion. USDCHF rallied to just shy of 0.9800 early Friday, its highest intraday point since May 30th.
Franc Slips to 4-Month Low Against Dollar
Daily Analysis - 06/10/2017