Forex Major Currencies Outlook (Sep 29, 2016)

Headline durable goods orders for August was flat instead of sliding by 1.0% while core durable goods orders fell 0.4% versus the estimated 0.5% drop. However, the July readings were downgraded significantly to show that activity wasn't as strong as initially reported. US initial jobless claims and final GDP results are due today, along with another speech by Fed head Yellen.

EUR

The euro managed to advance against the dollar and the yen but was no match to comdoll strength. Germany's GfK consumer climate index fell from 10.2 to 10.0 to show weaker optimism. For today, German and Spanish flash CPI readings are due. The German unemployment change report is also due today and a 5K drop in joblessness is eyed.

GBP

The pound continued to advance against most of its peers even though there were no major reports out of the UK economy. Today's schedule has the net lending to individuals and mortgage approvals report due. 

CHF

The franc was still in a weak spot against its forex rivals even though Switzerland's UBS consumption indicator improved from 1.46 to 1.53. Today's schedule is empty for the Swiss economy so the franc could take its cue from euro zone data or market sentiment.

JPY

The yen was off to a weak start in the Asian session after Japan printed a weaker than expected retail sales report. Consumer spending was down 2.1% on a year-over-year basis versus the projected 1.7% drop and the previous 0.2% dip. BOJ Governor Kuroda has a speech lined up and dovish remarks could continue to push the currency down.

Commodity Currencies (AUD, NZD, CAD)

The Loonie cheered the positive outcome of the OPEC gathering in Algiers, as energy ministers agreed that they need to come up with a deal to cap production. For now, they will still discuss the size and scale of the program but the official deal won't be announced until their November meeting. US crude oil inventories were down 1.9 million barrels versus the estimated rise of 2.4 million barrels. There are no reports due from the comdoll economies today.

By Kate Curtis from Trader's Way