The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
China housing ministry orders cities to adjust residential land supply
China's housing ministry has already called on the country’s cities with large unsold housing inventories to diminish or suspend land supply for residential housing.
The notice states that cities with unsold housing inventory equal to 36 months of sales or even more need to suspend the supply of land for residential development.
However, for cities under pressure from ascending home prices, they require increasing residential housing land supply, as told the notice jointly issued by the Ministry of Housing and Urban-Rural Development as well as the Ministry of Land and Resources. Although this was dated April 1, it was released publicly on Thursday.
The Chinese authorities face the dual challenge of controlling soaring home prices in the largest cities of the country where prices are extremely expensive for many residents, while stimulating sales and backing prices in smaller cities which face a huge glut of unsold homes.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
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