Better Pending Home Sales Pressure U.S. Treasuries
A report showing that U.S. Pending Sales of
Existing Homes rose in June for the fifth straight month helped turn around
September Treasury Bonds and September Treasury Notes.Both of these contracts were called better on
the opening because of slow demand for high yielding assets, but were unable to
sustain their gains following the release of the report.
Stock index futures are now higher for the
day following a weaker opening.Better
than expected U.S. Pending Sales of Existing Homes helped support the equities
after another report showed U.S. Personal Income fell by 1.3% in June.The inability of the September E-mini S&P
500 to take out its overnight low at 992.00 helped contribute to the
turnaround.Even though some analysts
are calling equity futures overbought, the large amount of money on the
sidelines seems to be continually fueling the rally on breaks.
The U.S. Dollar is trading mixed.Overnight it looked as if the Dollar was in a
position to post a strong gain on the day, but better than expected U.S.
economic reports helped to weaken the Dollar against a few currencies at the
midsession.Choppy trading is being
exhibited by the September British Pound and September Euro as traders seem a
little hesitant to add to bullish positions ahead of Thursday central bank
meetings.The British Pound did touch
1.70 briefly but was quickly met by selling pressure.Mixed results in the equity markets and crude
oil are leading to choppy, two-sided trading in the September Canadian Dollar.
Thin market conditions and the downturn in
the Dollar helped December Gold and September Silver recover from earlier
weakness.Although it looks as if the
Dollar may experience short periods of weakness, the overall trend is down
which should help the precious metals strengthen over the short-term.
The turnaround in the equity markets helped
September Crude Oil recover from a lower opening.Better than expected U.S. economic reports
are once again leading speculators to believe that a recovery in the U.S.
economy will lead to greater demand for energy products.
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Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
John M. Bland, MBA co-founding Partner, Global-View.com
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