US durable goods orders during May failed to improve for the third consecutive month, as the Commerce Department's index fell flat while the April reading was revised down to -1.0 percent from -0.5 percent. The headline reading was supported by transportation, as Boeing reported 67airplane orders during the survey period, up from 58 during the month prior. Excluding transportation, however, durable goods orders were down 0.9 percent. Furthermore, prospects for business investment look bleak, as capital goods orders excluding defense and aircraft slumped 0.8 percent. Overall, this durable goods report does not bode especially well for Q2 GDP, as domestic demand remains tepid. -- Terri Belkas, Currency Analyst for DailyFX.com
