US Factory orders in May increased 0.7%, beating forecast of a 0.1% gain, and improving from -0.6% reading for April and a -2.1% reading for March , according to the Census Bureau.
This should pave way for some initial risk-on trading. The S&P500 started to move up even before the release, popping above an overnight high of 1360.56 to almost 1365 before stalling a bit. This opens up a new high for the week, and really the highest point since early May.
Fan Yang CMT is a forex trader, educator and Chief Currency Analyst of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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