US preliminary durable goods orders are the salient release on today’s agenda.
Following an exceptionally weak 5% m/m slide December, TD expects January’s orders to recoup some of last month’s loss, though any gains will be attributable to strong Boeing orders. Headline orders going to increase 3.5% on a monthly basis; however, excluding transportation, orders should decline a further 1.2% m/m (consensus: 2.9% m/m and 0.3% m/m, respectively).
Looking to Initial jobless claims, experts expects a sizeable jump to 284k from 262k last week. The market is much more optimistic, with an increase to 270k serving as the consensus estimate.
The market has the FHFA HPI increasing by 0.5% m/m, in line with forecasts, while a small group of forecasters have predicted the Kansas City Fed Index to improve from –9 to –6.