New Home Sales Plummet
Today’s economic news delivered
another sign of deterioration in real estate. New Home Sales fell 5% in January,
to a rate of 1.233 Mln units
(report).
The number was well below expectations and “reflected
double-digit percentage declines in the
Northeast, Mid-West, and South.”
Treasuries closed slightly lower across the board. The Yen was the strongest
currency amid further reports that the government will end its’ zero interest
rate policy. The Yen hit a 1-month high versus the US Dollar and recorded strong
performance versus the Euro, GBP, AUD, CAD and Swiss Franc.
FOREX traders should check out TradingMarkets
newest trading tool –
FOREX PowerRatings.
Energy prices fell after Friday’s terrorism induced spike. Natural Gas led the
decline, hitting fresh contract/multi-month lows.
Gold gave back almost half of Friday’s gains, which were also in large part due
to the terrorist attack in Saudi Arabia.
In the softs, only Orange Juice closed higher. Sugar fell more than 6%, while
Cotton and Coffee both lost more than 2%.
The grains were mixed, with Wheat (+1.36%) the only contract to move by more
than 1%. Lean Hogs (+1.14%) was the only meat contract to close noticeably
higher.
New Home Sales Down 5% In Jan. To Rate Of 1.233 Mln. Units (report).
Ashton Dorkins
Looking for ways to
improve your trading? Checkout TradingMarkets
Upcoming Training Classes.