USDMXN Higher after Mexico Consumer Confidence beat Forecasts
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The US Core Durable Goods Orders figure came in at 0.5%, which beat market expectations of 0.2%. However, the deviation between the actual and projected figures was less than the deviation between the projected and previous figures. Therefore, the deviation threshold for initiating a position on this figure was not met.
Furthermore, the Personal Spending monthly figure was worse than expected, as it came in at 0.1% against the market projection of 0.3%. Deviation targets were also not met for this figure.
The conflict in data with unrealized deviation targets means that we have a “no trade” scenario. However, these economic indicators will be used individually in determining future planning by US policy makers, especially with respect to interest rate direction.
The USDJPY technical outlook provided earlier this morning is unchanged. The news conflict leaves the USDJPY subject to the sentiments that prevailed before the US Core Durable Goods Orders/Personal Spending data were released. The upside/downside targets remain. Price is expected to continue trading within the symmetrical triangle on the daily chart, until other fundamental influences force price action out of these boundaries and onto the targets.