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XE Market Analysis: Asia - Jun 24, 2014

By: XE Market Analysis

The dollar spent the morning ticking modestly higher, getting a boost from firmer house prices, an uptick in consumer confidence, and a sharp rise in new home sales. EUR-USD made its way to 1.3594 lows, after opening near 1.3620. USD-JPY rallied over 102.15, after finding support under 101.90. Read more

New home sales: mortgage now or be forever priced out?

By: New_Deal_democrat

New single family home sales reported this morning were a blowout. There's no doubt about that. Just take a look at the raw regional numbers from the Census Bureau. On both a monthly and a YoY basis, there were *extremely* sharp increases in 3 out of 4 regions. So what happened to the housing slowdown? Actually I think it is still here, although with mortgage rates lower YoY I expect it to abate (not completely) by the end of the year. Two months ago, new home sales for March were reported as the worst new home sales report in two years: http://online.wsj.com/news/articles/SB10001424052702303380004579519431631415734 plunging -14% from February, down to 384,000. Read more

Japan's Employment and Wage Situation Is On Solid Ground

By: HaleStewart

Abenomics has been in place for about two years now. Its central goal was to get the Japanese economy out of its near two decade malaise by using three "arrows:" a stimulative monetary policy, fiscal stimulus and policy reform, with the ultimate desired end result being to get the country out of its deflationary spiral. Read more

XE Market Analysis: North America - Jun 24, 2014

By: XE Market Analysis

EUR-USD lifted moderately, USD-JPY trod a choppy but narrow range in the upper 101s, briefly piercing the 102.00 level, while the AUD and other dollar-bloc currencies corrected some of yesterday's sharp gains seen in the wake of the strong Chinese PMI data. Read more

XE Market Analysis: Europe - Jun 24, 2014

By: XE Market Analysis

Narrow ranges prevailed in pre-European trade in Asia among the main currencies, and stock and commodity markets were similarly listless. EUR-USD posted about a10 pip decline to levels around 1.3595, with the 1.3600 level seemingly exerting gravitational pull. Read more

XE Market Analysis: Asia - Jun 23, 2014

By: XE Market Analysis

A stronger Chicago Fed index, a better flash PMI outcome. and firmer existing home sales did little to help the dollar, equities, or yields on Monday in N.Y. FX trade. EUR-USD probed under 1.3590, though inched its way back over 1.3600 through the session, where it encountered selling interest. Read more

May existing home sales and the housing cycle

By: New_Deal_democrat

As Bill McBride a/k/a Calculated Risk has pointed out, mortgage rates are now lower than they were one month ago. While I expect that to lead to improvement in the housing market, I don't expect any sudden new surge in sales. The reason is shown in this first graph: This graph shows the YoY% change in mortgage rates (red) vs. Read more

XE Market Analysis: North America - Jun 23, 2014

By: XE Market Analysis

EUR-USD dipped back under 1.3600 following an unexpected decline in Eurozone PMI, while the AUD, NZD and CAD outperformed on strong China data, with the HSBC PMI for June smashing forecasts expectations for 49.4 by coming in at 50.8, the first 50.0-plus expansionary reading in six moths. Read more

Weekly Indicators: Spring springs into Summer, buit Oil spoils the party edition

By: New_Deal_democrat

Monthly data for May released this week included the Index of Leading Indicators, up .5, indicating that growth should continue for the rest of this year, increasing industrial production and capacity utilization, and increases in the NY and Philly regional manufacturing indexes. Read more

International Week In Review: Frothy UK Housing Market Edition

By: HaleStewart

     While Australia printed little data, the RBA did release the minutes of the June 3 meeting.  Of particular interest was this passage regarding Australian wages: Read more


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