US durable goods data big miss January 28 , 2014Joseph Weisenthal (@TheStalwart) Tons of data now looking bad for December.
Still, he added, "There really is something for everybody in the durable goods data".
The dollar pared losses against the euro as unexpectedly strong durable goods data for America outweighed concerns over Iraq.
There were mixed signals from the US economy, with poor durable goods data but positive confidence numbers, for Bernanke and his colleagues to assess.
Analysts said the market was anxiously awaiting today's durable goods data, which could further depress bond prices and push rates still higher.
The durable goods data, also issued by the Commerce Department, said that orders rose 1percentt in November, the fifth increase in six months.
Paul Ashworth, senior United States economist at Capital Economics, said the durable goods data "fits within the broader pattern that we are seeing: the severity of the recession is easing gradually, but any actual recovery is still some way off".
Cliff Waldman, an economist for Manufacturers Alliance/MAPI Economist, wrote in a research note that the durable goods data reflected the "weakness and uncertainty of the nascent economic and manufacturing recovery".
Tony Cross, market analyst at Trustnet Direct, said: The big number to watch today is going to be US durable goods data – the focus right now is very much on whether the US economy is going to see a rapid acceleration towards the summer which will necessitate quick rate hikes from the Fed.
Tony Cross, market analyst at Trustnet Direct, said: US durable goods data came in significantly worse than forecast, but with the Federal Reserve continuing to advocate the line that there's still room for a rate hike in the summer, some investors appear to be taking fright at the prospect.
