New orders for U.S. factory goods fell in May on weak demand for transportation and defense capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over.
Currency-hedged ETFs have fallen out of favor in recent months, but there could be a resurgence of investor interest following the recent rise in exchange rate volatility. The massive fall in the value of the British pound, following Britain’s vote to leave the European Union on June 23, has led to a substantial divergence between the returns of currency-hedged UK equity ETFs and their unhedged peers.
Investors have been snapping up gold as the value of the euro and pound sterling have fallen in the wake of the Brexit vote. The pound GBPUSD, -0.7141% slumped to a 31-year low overnight, and comments from the Bank of England renewed worries about prolonged uncertainty in Europe. BOE Governor Mark Carney said Tuesday the central bank wouldn”t be able to completely mitigate economic pain.
Next Trading Day’s Important Events
- USDJPY: 100.82
- EURUSD: 1.1069
- S&P 500: 2,080.40
- NASDAQ : 4,807.62