Key Macroeconomic Indicators for Base Metal Prices (2016-7-26)

SHANGHAI, Jul. 26 (SMM) – US major economic data from the property market, manufacturing, service sector and CCI will be released today. Should these economic indicators turn out to be positive, the US dollar index will gain ground and in turn weigh down base metals.

Conference Board’s CCI is expected to weaken in July. Both IBD’s and University of Michigan’s July CCI fell short of market expectations and June’s, boding ill for Conference Board’s CCI.

US existing home sales are expected to improve in June with better-than-expected housing starts and construction permits.

The Fed will hold its policy meeting today, and is expected to leave rate unchanged for July. Hawkish statement is expected, though, due to US strong economic data recently.