Traders also had a chance to take a look at the Housing Starts report, which showed that Housing Starts grew by 1.9% month-over-month in October, com
Traders also had a chance to take a look at the Housing Starts report, which showed that Housing Starts grew by 1.9% month-over-month in October, compared to analyst consensus of -1.3%.
Both reports exceeded analyst expectations, which is somewhat surprising given the current interest rate environment. I’d also note that yesterday’s NAHB Housing Market Index report showed that buider confidence was declining.
U.S. Dollar Index is trying to move away from session lows after the release of the better-than-expected housing market data. Treasury yields have also started to rebound, providing additional support to the American currency.
Gold continues its attempts to settle above the $1985 level. Gold traders stay focused on longer-term Fed policy outlook and prepare for rate cuts in the first half of the next year.
SP500 futures pulled back from session highs in premarket trading. The strong reports may be viewed as bearish as the strong housing market may lead to a more hawkish Fed. However, it remains to be seen whether stock traders will stay focused on these reports as general market sentiment is extremely bullish.
For a look at all of today’s economic events, check out our economic calendar.
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