SHANGHAI, Jul 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar climbed up steadily and closed at 94.62 as the market still anticipated more interest rate hikes despite criticism from the US President Donald Trump.
Base metals fell for the most part with pressure from a strengthened US dollar. LME nickel lost 1%, zinc fell nearly 1%, while tin inched up, and aluminium rose over 1%. SHFE aluminium gained nearly 1%, copper nudges up, and lead went flat. Other base metals dipped slightly.
The US existing home sales fell 0.6% to a seasonally adjusted annual rate of 5.38 million units in June. This compared with an expected 0.2% gain to a rate of 5.45 million units. May’s sales pace was revised down to 5.41 million units from the previously reported 5.43 million units.
The home sales fell for a third consecutive month in June as a persistent shortage of properties on the market pushed up house prices to a record high, which may discourage potential buyers.
Sales increased in the northeast and mid-west, but fell in the west and the populous south.
Preliminary reading of the eurozone consumer confidence index came in at -0.6 this month, compared with the expected drop of 0.7. June’s figure was revised down to -0.6 from the previously reported -0.5.
Key factors to watch today include the Markit manufacturing purchasing managers’ index (PMI) for eurozone, Germany, and the US this month, as well as the US home price index in May according to the Federal Housing Finance Agency (FHFA).