NY Forex Market Buzz - USD gains on upbeat durable goods report
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amazing Bernanke can come out and declare the recession will end in 9 months. Maybe he is not aware of things like:
1. Housing rate adjustments, which will lead to many more foreclosures, is not even at peak yet, and doesnt end until 2011 / 2012.
2. The auto industry is going to fail eventually and the loss of hundreds of thousands of direct and related jobs will go with it.
3. CRE has just now started its implosion and it will last for years.
saberEffX 2 years ago
Durable goods inventories fell 1.3% and more than half of this decline was due to the drop in auto inventories. Inventories of all major durable goods categories fell in January except hardware and machinery. Non/durable inventories rose 0.2%, largest gain since July 2008 after declines of 1.5% in December and 3.7% in November. Petroleum inventories rose 12.4%, the biggest increase since January 2006. This increase offset reduced inventories of groceries, chemicals and other non-durables.
CruizMkts 2 years ago