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New Home Sales Declines

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Sales of newly built homes fell less than expected in August after soaring to nine-year highs last July, but the trend is still positive. New home sales declined 7.6% to a seasonally adjusted annual rate of 609k units in August. U.S. new home sales were up 20.6% from a year ago, the Commerce Department said yesterday.

The U.S. dollar index declined yesterday and traded at $95.20 pips.

On Monday, Japanese Yen surged, with new commitments from BOJ to do all that is necessary to hike the rate of inflation, including the further lowering of interest rates of less than zero already.

Euro recovered slightly yesterday and settled at $1.250 as German’s IFO business confidence improved much more than expected in September.

Gold settled at the beginning of the week, after losing its momentum as focus turned to U.S. presidential debate.

Gold traded flat and settled at $1,335 on Monday. Technically, the yellow metal could trade in a limited range, in anticipation of U.S. data.

On Monday, Oil prices rose by 4%, as the world's major oil producers gathered in Algeria. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers led by Russia are meeting informally on the sidelines of the International Energy Forum in Algeria from 26-28 September, to find a way of pushing prices higher.

U.S. crude rose to 45.50 and could trade with sharp fluctuations, in anticipation of the world's largest producers meeting in Algeria.

The most important economic events:

  • USD Consumer Confidence (SEP): (GMT 14:00) Important – Forecast (98.8) – Previous (101.1).
  • USD Fed's Vice Chair Fischer Discusses Economics: Medium

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