Slowdowns in the U.S. and the U.K.
Yesterday, we learned that New Home Sales south of the border had slowed in September, bringing the annual average to 468,000, or below the forecast of 550,000. This reading notwithstanding, the U.S. real estate market on the whole continues to improve, thanks in large part to sales of existing homes. The median sale price is up 13.5% compared to September 2014.
In other U.S. news, Dallas Fed Manufacturing Activity data released yesterday confirmed that the region’s economy was contracting moderately due to declining energy prices. However, the USD held steady in the face of this news, ending the session essentially unchanged.
This morning, the United Kingdom confirmed a slowdown in its economic growth for Q3 2015, with GDP rising only 0.5% compared to 0.7% the previous quarter.
Today, we’ll be paying close attention to several indicators south of the 49th parallel, including Durable Goods Orders, the Richmond Fed Manufacturing Index and Consumer Confidence while we await the Fed’s key rate decision tomorrow.
