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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.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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