The 2021 RICS UK Residential Survey for September showed a slight recovery in buyer demand after the drop seen following the phasing out of the Stamp Duty holiday. Today's figures appear to indicate the potential for sales to stabilise moving forward as house prices growth decelerated somewhat while remaining firm throughout the UK. On the other hand, the September new instructions net balance registered -35% (vs -36% previously) and has remained in negative territory for the last six months. While some of these signs may be encouraging, shortages in supplies and general economic uncertainty along with rising inflation continue to be key issues to overcome.
Wall Street earning season starts positively
After yesterday's upbeat earning reports from JP Morgan and Blackrock, investors await another round of major financial institutions which will publish their results. Today we can expect reports from a variety of banks including Wells Fargo, Morgan Stanley, Citigroup and Bank of America. These results could set the stage for what to expect in the coming weeks of earnings season and could give an indication of how financial institutions performed recently as rising costs and uncertainty in markets worried investors. Meanwhile, the FED has maintained its position which could lead us to see a change in monetary policy sooner rather than later with the introduction of tapering as signs of rising inflation cannot be ignored and will have to be addressed effectively. Nevertheless, Wall Street earnings season could continue to have a noticeable impact on markets as investors await further clarification from the US central bank.
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AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.