- US factory orders rose at a faster-than-expected pace in May.
- The dollar continues to outperform its rivals after the data.
Data released by the US Census Bureau revealed on Tuesday that new orders for manufacturing goods, factory orders, increased 1.6%, or $8.4 billion, to $543 billion in May. This data followed the increase of 0.7% in April and was much better than market expectations of 0.5% growth.
“Inventories, that have increased in twenty-one of the last twenty-two months, they increased by 10,000 million dollars, or 1.3%, to 797,900 million dollars”, the publication also reads, “after the increase of 0.8% in April. The inventory-to-shipment ratio was 1.47, unchanged from April.”
Source: Fx Street
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