US Durable Goods Data in Focus | UK Prime Minister May Resigns
Published May 24, 2019
Monthly US durable goods order data is due this morning with estimates indicating that durable goods orders could rise 0.2% on the month. Durable goods orders excluding defense for March initially came in at 0.4%, however, were later revised to show a 0.2% increase. Expectations are for headline durable goods orders to post a decline of 1.7% for April.
British Prime Minister May announced today that she will be stepping down as Conservative Party leader on June 7, while staying on as prime minister until the leadership contest within the Conservative Party is concluded. Market reaction has been moderately subdued, with the pound fluctuating around 1.2700.
The Trump Administration is seeking to expand its tariff mandate, potentially including countries deemed to have undervalued currencies. This latest policy shift would permit US companies to seek anti-subsidy tariffs on imports from nations the treasury department finds to be engaged in competitive devaluation of their currencies.
West Texas Intermediate had its worst day of 2019 in yesterday’s session, dropping almost 6% as market participants were quick to dump the commodity. Pressures in the Middle East have contributed to the sheltering of crude due to mounting fears around global trade. Despite this insulation, renewed global growth concerns was followed by an exodus of investors from riskier assets.