Source: Census Bureau New orders of durable goods in the US rose by 0.8% in June to $257.6 billion, a slower growth compared to 3.2% in May, and below expected 2.1% jump. SPY is down -0.47%, DXY is down -0.08% New orders rose by 0.3%, excluding transportation, and 1.0% without defense.Transportation equipment, rose for the second month, with a gain of 2.1% to … [Read more...] about Durable Goods Orders Disappoint Estimates to Post 0.8% Growth in June
Forex News
Sales of New Single-Family Houses Plummets by 6.6% as Costs Weigh on Activity
Source: Census Bureau Sales of new single-family houses in June fell by 6.6% to hit 676,000, a 14-month low as expensive building materials curtailed construction activity. SPDR Homebuilders ETF is down -0.19%. Housing sales in June were below May’s rate of 724,000 and down 19.4% the estimate for June 2020.Median sales price of new houses for the month of June … [Read more...] about Sales of New Single-Family Houses Plummets by 6.6% as Costs Weigh on Activity
No Inflation Worry? Key Price Index Eases to Offer Relief to Markets
Source: WSJ Future inflation signals have been easing in the past month, an indication that the recent surge in inflation could be temporary. DXY is down -0.21%. Inflation expectations by businesses, consumers, workers, and investors, which rose sharply from October to May, eased in July.The break-even inflation rate dropped 0.19% since mid-May and shed 0.21 points … [Read more...] about No Inflation Worry? Key Price Index Eases to Offer Relief to Markets
Over $551 Billion Wiped from Hang Seng Index Following Beijing’s Crackdown
China’s Hang Seng Tech Index has recorded more than $551 billion in market value loss since it last peaked in February at 59% due to the industry crackdown. HSI is down -6.57%. Analysts have stated that the issue of privacy and the concern of a possible reduction in medium-term earnings has spurred the ongoing clampdown.The index plummeted this month by 11% after the … [Read more...] about Over $551 Billion Wiped from Hang Seng Index Following Beijing’s Crackdown
Survey: Fed to Taper Bond Purchases Early Next Year with Emphasis on MBS
Source: Bloomberg Analysts project that the Federal Reserve will scale back asset purchases next year, starting with mortgage-backed securities. SPY is down -0.31% on premarket, DXY is down -0.21%. The analysts see the Fed raising rates quicker through 2024, with two quarter-point hikes by the end of 2023.More analysts expect the Fed to announce tapering in … [Read more...] about Survey: Fed to Taper Bond Purchases Early Next Year with Emphasis on MBS
