US Inflation: Will It Skyrocket Further?
The United States will publish a headline and core inflation rate on July 13, at 15:30 MT time.
American home sales slump
In June, American home sales suddenly headed south, reporting their third monthly dive in a row because an everlasting shortage of properties on the market spurred house prices to another maximum, probably sidelining some potential purchasers.
On Monday, the National Association of Realtors informed that existing houses sales inched down 0.6% to a seasonally updated annual rate of about 5.38 million units in June. As for May's sales tempo, it was updated downwards to nearly 5.41 million units in contrast with the previously posted 5.43 million units.
Market experts interviewed by Reuters had foreseen existing house sales soaring 0.5% to 5.44 million units in June. Moreover, in the Northeast and Midwest sales rallied, although dived in the West as well as highly populated South.
Apart from that, existing home sales, making up nearly 90% of American home sales, dipped 2.2% from 2017 in June. Apparently, they have slumped on a year-over-year basis four months in a row and dipped 2.2% in the first half of this year.
Sales are being suppressed by a firm shortage of homes on the market. Soaring building materials costs along with shortages of land as well as labor have left builders totally unable to have the inventory gap bridged, spurring house prices.
Supply constraints have mostly accounted for the stagnating housing market, although there are strengthening worries that the higher house prices along with soaring mortgage rates are going to suppress demand. As a matter of fact, the median house price rallied 5.2% from 2017 to an all-time maximum of $276,900 in June. It appeared to be the 76th month in a raw of year-on-year price leaps.
On the contrary, annual wage surge has been stuck below 3%. Additionally, American financial markets generally neglected the data.
Permits for future homes went down too. The same applies to the stock of homes under construction.
Similar
FOMC Meeting Minutes are in Focus
Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will reveal a detailed record of the most recent meeting on July 7 at 21:00 MT.
A Grand Day for the USD
The United States will post the indicators of employment on July 2, at 15:30 MT time.
Latest news
Gold May Form Double Top & Flat Strategy for S&P
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!
Will the BOE Act as the Lockdown Is Over?
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
Will the RBA Add Strength to the Aussie?
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
Deposit with your local payment systems
