US orders for durable goods, products made to last at least three years, rose in July for a second straight month. The Commerce Department said orders for big ticket items such as cars and washing machines rose 1.0pc in July from June after climbing 2.6pc the previous month. On a year-on-year basis, orders were down 0.1pc. This is the first time in more than a year that orders have risen for two months in a row and it marks yet another encouraging report on the US economy. An index of consumer confidence due later this afternoon from the Conference Board may rise to 80 this month from 76.6 in July, according to economists.
At 1400, the euro was worth USD1.0810, having earlier dipped to a new four-month low of USD1.0798. Demand for motor vehicles and parts surged 5.5pc, while machinery orders rose 1.8pc and orders for computers and electronic products climbed 1.9pc. Excluding transportation, orders rose 1.7pc, and excluding defence spending, orders were up 1.4pc. //www.fxcentre.com