Today we have US Existing Home Sales, which is scheduled around the time of the US Equity markets opening. Hence, the market may well be more volatile if there is a considerable deviation in the forecasted figure. A rise in Existing Home Sales should have a positive impact on the currency. The Housing market is considered an indicator of optimism in the economy and home buying filters through to other sectors in the economy. In recent months, however, there has been a pullback as a result of demand outstripping supply rather than a fall in demand.
Event: U.S. Existing Home Sales
Today 1400 GMT
Investors Notes:
- Economists expect a drop of 2.74% f or February to 5.32 million as the number of sales appears to have leveled off since the start of the year.
- Housing starts rose more than expected hitting the highest level since September last year, rising to 1.18 million units compared with a forecast of 1.15 million.
- Housing starts for January were also revised upwards to 1.12 million units from 1.099 million units.
- Building permits fell by over 3% in February to 1.17 million units, from an expected 1.20 million units.
- Residential mortgage applications fell by almost 5% in the last week of February.
