et is declining towards the round-level support of 0.8900 as the US Dollar Index has extended its correction further. The absence of anxiety among investors ahead of the United States Durable Goods Orders data has trimmed the appeal for the USS&P500 futures have added significant gains in early Europe. The 500-US stocks basket witnessed an intense sell-off on Tuesday after vulnerable quarterly earnings from the First Republic Bank renewed fears of a banking fiasco.
Meanwhile, the demand for US government bonds has trimmed as investors have started ignoring US banking woes. The 10-year US Treasury yields have rebounded to near 3.41%.US Commerce Department reported on Tuesday that New home sales surged 9.6%, the highest level since March 2022. The economic data indicates that US real estate sector which was going through a rough phase due to higher interestfrom the Federal Reserve is bottoming out.
An expansion in orders for Durable Goods to manufacturers indicates strong demand from households, which could keep the core Consumer stubborn ahead and may force the Federal Reserve to remain hawkish while delivering guidance on interest rates. It is worth noting that US core inflation is not softening consistently and a further jump in Durable Goods demand could spoil the market mood.
The Relative Strength Index is making efforts to overstep 60.00, which will trigger an upside momentum.
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