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US durable goods orders drop1.7% in April

US durable goods orders drop1.7% in April

Mubasher: Demand for the US manufactured durable goods declined in April owing to a decline in contracts for Boeing, while inflows of orders and investment increased for most of the businesses.

Orders fell 1.7% to $248.5 billion after two consecutive monthly increases in February and March, data by the US Census Bureau showed on Friday.

Meanwhile, the decline in orders for durable goods comes more than a 1% fall estimated by MarketWatch survey.

Meanwhile, new orders for core durable goods, which exclude transportation, went up by 0.9% last month, marking the third monthly increase in a row.

In addition, shipments of durable goods inched down 0.1% to 246.7 billion in the fourth month of the year, after sustaining an increase over the previous eight month

Unfilled orders for durable goods rose 0.5% to 1.15 trillion, up five of the last sixth months, the data revealed.

By 1:00 pm GMT, the EUR/USD pair plunged 0.36% to $1.1678.