Looking at the dollars gains versus the major currencies shows:
EUR +0.39%JPY +0.71%GBP +0.36%CHF +0.57%CAD +0.27%AUD +0.22% NZD +0.9%Earlier today who, Atlanta Fed President Raphael Bostic suggested immigration changes may have lifted the sustainable monthly job growth rate closer to 50K, meaning the recent 3-month average of 35K is weaker than needed but not as alarming as previously thought.
In economic data today, US existing home sales for July rose to 4.01M vs 3.92M expected, up 2.0% m/m after a 2.7% decline in June. Inventories edged down to 4.6 months from 4.7, though supply is up 15.7% y/y. The median price climbed to $422.4K (+0.2% y/y), marking the 25th consecutive year-over-year increase. By segment, single-family sales rose 2.0% m/m (median price $428.5K, +0.3% y/y) while condo/co-op sales gained 2.8% m/m (median $362.6K, -1.2% y/y). Regionally, the Northeast led with +8.7% m/m, the Midwest slipped -1.1% m/m, while the South and West posted moderate gains. Homes stayed on the market a median of 28 days, with first-time buyers down to 28%, while cash sales (31%) and investor activity (20%) increased.
Weekly initial jobless claims did show some weakness in employment. The data showed a rise of 11K in the current week to 235K vs 225K expected (prior 224K), with the 4-week average rising to 226.25K. Continuing claims also ticked up to 1.972M vs 1.960M expected (prior 1.953M). The claims data, used in the BLS September payrolls survey, show a modest uptick in filings compared with a month ago, hinting at some employment cooling. However, officials continue to highlight that immigration-driven shifts in labor supply are influencing the balance of worker demand and availability.
Fed Powell will speak at 10 AM ET. Markets expect that he will be focused on data dependency, and indeed the September data will be key with employment and inflation data. However, I would not expect that the Fed chair will suddenly become dovish and supportive of the cut right now. Maybe in September after the data but not now.
S&P 500: -0.40% to 6,370.16, 5th straight decline.
Dow: -0.34% (-152.81) to ~34,475.50.
In the US debt market, yields moved higher:
2-year yield 3.791%, +4 point basis points5 year yield 3.855%, +4.5 basis points10 year yield 4.327%, +3.2 basis points30 year yield 4.920%, +1.6 basis points This article was written by Greg Michalowski at investinglive.com.Hence then, the article about investinglive americas fx news wrap 21 aug usd rises ahead of powell us stocks drop was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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