Nex key US data to shake up the dollar - Nomura
|Analysts at Nomura offered a preview of the next key data release for the US this week.
Key Quotes:
"New home sales: New housing sales improved at a steady pace in Q1. The lean supply of existing homes amid resilient demand from consumers may have been supportive of new single home sales. NAHB’s indicator of the foot traffic of potential buyers remained especially elevated in January through April. However, incoming permit data suggest some moderation in new home sales in April following a strong 5.1% gain in March.
Permits for single home constructions fell by 4.5% in April although mortgage applications for home purchases increased steadily by 1.7%. Thus, we forecast a 3.4% m-o-m decrease to an annualized rate of 600k (Consensus: -1.8% to 610k).
Note that our forecast of 600k would still hover above the monthly average pace in Q1 if realized. This would be consistent with our view that consumer fundamentals remained firm, coupled with steady increases in employment and wages."
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