USD is in full retreat again this morning as its correction continues to deepen. An unexpected sharp decline in durable goods orders has raised more questions about the strength of the US economy and whether the Fed is really still looking at raising interest rates in June or if it may hold off until later in the year. Much of the decline was outside of the lumpy transport sector, could be related to the impact of the oil price crash on oilfield equipment orders. As such, Caterpillar (mining equipment) and the oilfield service sector could be impacted on this news. On the other hand we could see renewed interest in consumer products stocks with Kraft Foods and Heinz agreeing to a big merger overnight. USD continues to see the biggest impact of speculation on an early US interest rate liftoff unwinding, falling about 0.5% today against most major currencies. Gold and oil are steady as they also benefit from a weaker USD. Top currency performers today include EUR and NOK as sentiment toward the Eurozone continues to improve. Oil may be active through the day with the weekly storage report due later in the morning. Corporate News Kraft Foods and H.J. Heinz have agreed to merge in a consumer products mega deal. Dollarama $0.76 vs street $0.74, sales $669M vs street $685M, same store sales 8.5% Economic News Economic reports released overnight and this morning include: US durable goods orders (1.4%) vs street 0.2% US durables ex transport (1.0%) vs street 0.2% Germany IFO bus climate 107.9 vs street 107.3 Germany IFO current 112.0 as expected Germany IFO expectations 103.9 vs street 103.0 NZ trade balance $50M vs street $350M Economic reports due later today include: 10:30 am EDT US crude oil inventories street 4.75 mmbbls