Global macro overview for 28/08/2015:
Yesterday’s strong data from the US surprised the market: durable goods orders rose 3.4% (-2.1% a month before) and core durable orders rose 0.8% (-0.1% a month before). The next portion of singnificant data is due today. The CB consumer confidence is also scheduled for today. The market expects the indicator to come out at 100.1 points compared to 101.4 a month ago. Nevertheless, any better-than-expected readings might add fuel to the fire and help the dollar rise ahead of the Fed’s meeting.
The USD/JPY pair is slowly building a bullish engulfing pattern in the daily time frame and might be getting ready to challenge the resistance of 124.50 if US data turns out to be good enough.
The material has been provided by InstaForex Company – www.instaforex.com