Yesterday US Durable goods orders rose 2.7% after a 1.1% drop in February. These big-ticket manufactured goods are a key category that tracks business investment decisions and have shown to have risen at the strongest pace in eight months.
Economists are hoping that manufacturing, which has been battered by global weakness and trade tensions, will begin showing strength in coming months which will provide support for the overall economy.
Another report on Thursday showed the number of Americans filing for unemployment benefits jumped to the highest level in 19 months. Initial jobless claims rose by 37,000 to 230,000 in the week ended April 20 considerably above economists’ expectations for 200,000. The greenback was relatively unchanged after both figures were reported.
Foreign Secretary Jeremy Hunt said yesterday that he would opt to leave the European Union without a deal if he was faced with a choice between a no-deal Brexit or not leaving the bloc at all.
Hunt was asked at an event in parliament if he would be prepared to take Britain out of the EU without a deal, Hunt said: “If there was a binary choice between no deal or no Brexit, I would choose no deal because I think the democratic risk of no Brexit ultimately is higher than the economic risk of no deal.” Hunt also went on to reiterate his view that he would like the UK to have a swift departure from the EU “So as far as Brexit is concerned, my view is very straight forward: we have to leave, we have to leave quickly, we have to leave cleanly,” he said.
13:30 – USD: US Preliminary GDP Q1 (QoQ) expected to be lower at 2.1% from 2.2%