Source: Bloomberg The average rate for the US 30-year mortgage was 3.10%, the highest since October 28 and up from 2.98% posted last week. SPY is down -0.20%, DXY is down -0.12%. The rise in the mortgage rates reflects investors’ anticipation of bond purchase tapering by the Fed.The uptick in rates means that the US is shifting away from the historic low rates posted in … [Read more...] about US Mortgage Rates Rise to the Highest in November
Forex News
US Manufacturers Remain Upbeat as Diffusion Index Edges 15 Points Higher in Nov.
Source: Federal Reserve Bank of Philadelphia The diffusion index gauging current activity in US manufacturing rose by 15 points to 39.0 in November. The index is the highest since April. SPY is up +0.27%, DXY is down -0.04%. Almost 42% of firms reported increases in activity, up from 40% in October. 3% reported declines, a significant improvement from 17% in … [Read more...] about US Manufacturers Remain Upbeat as Diffusion Index Edges 15 Points Higher in Nov.
Turkey’s Lira Trades at a Record Low as Central Bank Cuts Rate to 15%
Source: WSJ Turkish lira traded at a record low of 10.97 against the dollar after the country’s central bank trimmed the key rate from 16% to 15% USDTRY is up +4.67%. The fall in the lira happens amid rapid inflation that rose by almost 20% in October that is posing a challenge to growth. The move by the central bank reflects calls by President Recep Tayyip … [Read more...] about Turkey’s Lira Trades at a Record Low as Central Bank Cuts Rate to 15%
U.S. Housing Starts Dropped 0.7% in October as Building Permits Increases
Source: U.S. Census Bureau U.S. homebuilding unexpectedly dropped in October as activity remains hampered by shortages of materials and scarce land and labor. DXY down -0.03%, EUR USD down -0.07% Housing starts dropped slightly by 0.7% to a seasonally adjusted annual pace of 1.520 million units in the previous month.Data for September was revised downwards to a pace of … [Read more...] about U.S. Housing Starts Dropped 0.7% in October as Building Permits Increases
EURUSD Under Pressure Near 1.1300 as GBPUSD Bottoms Out After UK CPI
US Dollar powers to 16-month highs.EURUSD slides to 16-month lows.GBPUSD bottoms out after UK CPI. The US dollar steadied at 16-month highs against the major currencies on Wednesday morning as retail data for October raised bets of the Federal Reserve hiking interest rates much earlier. The dollar index has already powered through the 96.04 level affirming the dollar … [Read more...] about EURUSD Under Pressure Near 1.1300 as GBPUSD Bottoms Out After UK CPI