US durable goods are due at the the bottom of the hour and expected to fall 4.0%.
Given the market's intense focus on the path of the economy, all data points are heightened now so there will be some kind of market reaction to the data. That said, I think the market is increasingly comfortable that manufacturing is on a different track than the rest of the economy. In addition, durable goods orders are volatile and it's tough to glean the signal from the noise.
All that said, the number to watch is non-defense capital goods orders, excluding aircraft, which is expected up 0.1%.
We also get Canadian current account data at the same time and later we'll get US pending home sales (10 am ET) and the Dallas Fed manufacturing index (10:30 am ET).
