On April 15, 2024, the National Association of Home Builders released NAHB Housing Market Index report for April. The report indicated that NAHB Housing Market Index remained unchanged at 51, in line with analyst expectations.
Mortgage rates remain close to 7%, putting some pressure on builder sentiment. The latest inflation data, which showed that Inflation Rate has started to move higher, was also a negative catalyst for the index.
The National Association of Home Builders commented: “With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts this year, and that mortgage rates will moderate in the second half of 2024.”
Today, traders also had a chance to take a look at Business Inventories report for February. The report indicated that Business Inventories increased by 0.4% month-over-month, compared to analyst consensus of +0.3%.
U.S. Dollar Index tested new highs as traders reacted to NAHB Housing Market Index report. Currently, U.S. Dollar Index is trying to settle above 106.15. Treasury yields are rising as bond traders bet on a more hawkish Fed.
Gold settled below the $2335 level as traders focused on stronger dollar and rising Treasury yields. Profit-taking has also served as an important catalyst for gold markets in today’s trading session.
SP500 pulled back from session highs after the release of NAHB Housing Market Index report. From a big picture point if view, SP500 is trying to rebound after Friday’s sell-off.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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