The United States published its factory orders data at 10:00 PM WIB, a monthly economic report that measures the change in the total value of new orders for manufactured goods produced in the United States.
Tonight, the factory orders data came in at -0.4%, which is below the forecast by trading central of 0.3% and down from the previous period of 0.5%.
The released data falling short of expectations indicates a decline in demand within the manufacturing sector. This situation could raise concerns regarding a potential slowdown in the US economy.
As a result, this has weakened the appeal of the US Dollar. Investors might interpret this as a sign for the Federal Reserve (The Fed) to maintain a more accommodative monetary policy.
Following the release of this data, gold surged to $2,635. Additionally, major currency pairs like GBPUSD and EURUSD also strengthened in response to the data.
