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Existing home sales improve, but prices have probably peaked

By: New_Deal_democrat

Although existing home sales have much less of an economic effect than new home construction and sales, they do constitute about 90% of the market, so they give us a wealth of information. Read more

EU Weakness in Two Monetary Charts

By: HaleStewart

Yesterday, I argued that we should begin referring to the EU economy as one in permanent recession. Between the austerity obsession at the federal level and the ECBs unwillingness to confront deflation head-on, this description seems more than appropriate. Read more

XE Market Analysis: North America - Aug 21, 2014

By: XE Market Analysis

The dollar extended gains seen after the release of the FOMC minutes yesterday. EUR-USD logged a new 11-month low at 1.3242 during pre-Europe Asian trade, holding above here during the London AM session despite the composite Eurozone PMI coming in below forecasts at 52.8 in the flash August figure. Read more

XE Market Analysis: Europe - Aug 21, 2014

By: XE Market Analysis

The dollar will open in Europe firmly, underpinned by the FOMC minutes to the late July Fed policy meeting, released after the London close yesterday. The Fed noted a better than expected trajectory in the labour market, which saw Treasury yields tick higher and the Bund over T-bond yield differential drop to new cycle lows below -144 bp, which weighed on EUR-USD. Read more

XE Market Analysis: Asia - Aug 20, 2014

By: XE Market Analysis

The dollar softened marginally through the morning session, before turning sideways ahead of the release of the FOMC minutes. The dollar rallied broadly after the minutes, taking EUR-USD to trend lows of 1.3260 from around 1.3290, and USD-JPY up to 103.74 from 103.35. Read more

We Might As Well Describe the EU's Economy As One in Permanent Recession

By: HaleStewart

Over the last several months economic releases from the largest EU economies have been a bit more negative, increasing the possibility that the EU will (once again) sink back into a technical recession. However, while the overall picture shows one of meager growth at the macro level, the underlying numbers tell us we might as well label the EU as a region in a permanent recession. Let's start with Germany, where the latest Q/Q GDP growth was a negative -.2%: And the Bundesbank has downgraded its growth forecast for the country largely as a result of external tensions such as those in the Ukraine. Read more

XE Market Analysis: North America - Aug 20, 2014

By: XE Market Analysis

The dollar extended gains against the euro and yen, among other currencies. EUR-USD has logged an 11-month low of 1.3285 after breaching 1.3300 and last November's 1.3295 low, and USD-JPY spiked to a four-month highs above 103.30. The greenback has been unpinned following net positive U.S. Read more

XE Market Analysis: Europe - Aug 20, 2014

By: XE Market Analysis

The USD rallied again, with EUR-USD making a fresh nine-month low of 1.3300, bringing last November's 1.3295 low into scope, and USD-JPY spiking to a four-month high of 103.26. Elsewhere, GBP-USD clocked a new four-month low of 1.6601, and AUD-USD one-week low of 0.9278. Read more

XE Market Analysis: Asia - Aug 19, 2014

By: XE Market Analysis

The dollar rallied again on Tuesday, taking EUR-USD to new trend lows of 1.3314, and USD-JPY near 102.90. Markets were buoyed by strong housing data, while a relatively calm geopolitical backdrop saw Wall Street rally again, and risk levels in general improve. Read more

It looks like the housing slowdown is abating

By: New_Deal_democrat

The drift lower in interest rates this year looks like it is feeding through into new housing. In general, in the past, a 1% change in interest rates has led to an approximate 100,000 change, annualized, in housing permits. The rise in interest rates of over 1% at midyear 2013 fed through into a complete halt in growth in new home construction. Read more

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