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August 11th - U.S. existing home sales fell to a three-month low in July, with high home prices and mortgage rates continuing to weigh on the housing market. Data released Tuesday by the National Association of Realtors (NAR) showed that contracted sales fell 1.7% month-over-month in July to an annualized rate of 4.06 million units, in line with the median forecast in a survey of economists. The weak sales figures indicate that the housing market remains sluggish, with persistently high listing prices and rising borrowing costs deterring many potential buyers. The existing home market has been hovering around an annualized rate of 4 million units since the end of 2022, awaiting a catalyst for a sustained rebound. NAR Chief Economist Lawrence Yun stated in a press release, "Home sales have been very stable, and even with the recent rise in mortgage rates, if the average mortgage rate could return to near 6%, theres no doubt the housing market would thrive."Market news: US President Trump said the reason for the US ammunition shortage is that Joe Biden provided $300 billion in aid to Ukraine.A U.S. State Department official said that negotiations between Lebanon and Israel are expected to resume in Rome in early September.US existing home sales fell 1.7% month-over-month in July, compared with an expected decline of 1% and a revised decline of 1.4% in the previous month (originally reported as -2.40%).U.S. existing home sales totaled 4.06 million units annualized in July, below the expected 4.05 million units and the previous figure revised from 4.09 million units to 4.13 million units.

Crypto Market Daily Highlights: Fed Fear and Regulatory Jitters Weigh

Cory Russell

Feb 28, 2023 15:13

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On Monday, the top ten cryptocurrency index had a split session. While XRP defied the negative pattern, MATIC topped the top ten in losses. For the third session in a row, Bitcoin fell shy of $24,000 due to the negative session.


Short-term early afternoon support came from US economic data and the NASDAQ Composite Index. US orders for core durable products rose by 0.7% in January, correcting a 0.4% drop in December. A 0.1% increase is predicted by economists. The favored Goods Purchases Non-Defense Ex Aviation index of the Federal Reserve rose by 0.8%, correcting a 0.3% decline from December.


The most recent figures from the US, however, are yet more encouraging economic signs, backing a more active interest rate track from the Fed to bring inflation back to goal.


The introduction of a worldwide crypto regulatory structure has added regulatory ambiguity, which has continued to dampen investor interest. Investors were given a preview of what to anticipate by G20 news and G20 post-meeting remarks.


A Forbes story on Binance moving $1.8 billion in user assets to hedge funds on Monday put the market's perception to the test amid intensified regulatory and parliamentary examination. As of the time of writing, CZ, the Leader of Binance, had not commented on the story.


The Day Ahead Buyers should keep an eye on the crypto news channels for any regulation developments and any congressional chitchat. Along with news from the current SEC v. Ripple lawsuit, developments on Binance and FTX are important to take into account.


The midday session will be influenced by US economic data and the NASDAQ Composite Index. There will be a lot of curiosity in the February US consumer sentiment numbers. The Fed would feel more confident making more bold steps to fight inflation if consumer confidence rose.


As a result of decline purchasers providing much-needed assistance, the NASDAQ Composite Index increased by 0.63% on Monday. Today's morning saw a 9-point gain for the NASDAQ mini.

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