ECB's Mersch Says Governing Council To Assess Data 'Very Carefully'

Trading 19 Oct 2020 Commentaire »

Policymakers will carefully scrutinize the incoming economic data ahead of the next policy session to ensure that the effect of the coronavirus containment measures are not repeatedly considered in the backdrop of highly uncertain outlook, European Central Bank Executive Board member Yves Mersch said Monday.

"Looking ahead, in the current environment of elevated uncertainty the ECB Governing Council will assess incoming information very carefully, including developments in the exchange rate, while ensuring that this incoming information, such as information on containment measures which is already included in our baseline, is only accounted for once in our assessment," Mersch said. He also said that Eurozone economic recovery remains incomplete and are prone to setbacks. The policymaker asserted that the Governing Council continues to stand ready to adjust all of its instruments, as appropriate, to bring inflation back to target.


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U.S. Housing Market Index Climbs To New Record High In October

Trading 19 Oct 2020 Commentaire »

Homebuilder confidence in the U.S. climbed to another new record high in the month of October, according to a report released by the National Association of Home Builders on Monday.

The report said the NAHB/Wells Fargo Housing Market Index rose to 85 in October from 83 in September. Economists had expected the index to come in unchanged.

"Traffic remains high and record-low interest rates are keeping demand strong as the concept of 'home' has taken on renewed importance for work, study and other purposes in the Covid era," said NAHB Chairman Chuck Fowke.

He added, "However, it is becoming increasingly challenging to build affordable homes as shortages of lots, labor, lumber and other key building materials are lengthening construction times."

The unexpected increase by the housing market index came as all the HMI indices posted or matched their highest readings ever.

The index gauging current sales conditions rose two points to 90, the component measuring sales expectations in the next six months increased three points to 88 and the measure charting traffic of prospective buyers held steady at 74.

On Tuesday, the Commerce Department is scheduled to release its report on new residential construction in the month of September.


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Dollar Little Changed After NAHB Housing Market Index

Trading 19 Oct 2020 Commentaire »

U.S. NAHB Housing Market Index for October has been released at 10.00 am ET Monday. Following the data, the greenback changed little against its major counterparts.

The greenback was trading at 1.2996 against the pound, 1.1780 against the euro, 0.9098 against the franc and 105.39 against the yen around 10:01 am ET.


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*U.S. Housing Market Index Rises To 85 In October

Trading 19 Oct 2020 Commentaire »

U.S. Housing Market Index Rises To 85 In October


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Dollar Mixed Ahead Of NAHB Housing Market Index

Trading 19 Oct 2020 Commentaire »

U.S. NAHB Housing Market Index for October will be issued at 10.00 am ET Monday. Ahead of the data, the greenback traded mixed against its major rivals. While it fell against the franc and the pound, it was steady against the yen and the euro.

The greenback was worth 1.3013 against the pound, 1.1784 against the euro, 0.9095 against the franc and 105.36 against the yen as of 9:55 am ET.


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UK House Prices Rise To Record High: Rightmove

Trading 19 Oct 2020 Commentaire »

UK house prices increased to a record high in October as there were a record number of sales ever agreed in a month, and agents reported more properties marked as sold than available for sale, data released by the property website Rightmove revealed Monday.

Largely driven by pent-up demand, house price growth accelerated to 5.5 percent, the highest annual growth for over four years, from 5 percent in September. Average property prices rose to an all-time high of GBP 323,530.

On a monthly basis, house prices increased 1.1 percent in October, faster than the 0.2 percent rise logged in September.

The momentum caused by the combination of pent-up and new demand has led to new records in several key metrics, and as a result Rightmove forecasts house prices to rise further before the year-end and peak at around 7 percent.

"Many buyers seem willing to pay record prices for properties that fit their changed post-lockdown needs, though agents are commenting that some owners' price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking," Tim Bannister, Rightmove's Director of Property Data said.

Bannister cautioned that sellers and their agents should be wary of being too optimistic on their initial asking price, as whilst activity levels continue to amaze, there are some signs of momentum easing off from these unprecedented levels.

Data showed that the average time to sell was 50 days, which was 12 days faster than the same period last year. For the first time ever, estate agents have more properties marked as sold than they have as available for sale.

Finally, the number of sales reported by agents also set a new record, and was 70 percent higher than the same period a year ago.


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*ECB's Lagarde: Options In Our Toolbox Have Not Been Exhausted, Will Do More If Needed

Trading 19 Oct 2020 Commentaire »

ECB's Lagarde: Options In Our Toolbox Have Not Been Exhausted, Will Do More If Needed


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*ECB's Mersch: Governing Council Will Assess Incoming Information Very Carefully

Trading 19 Oct 2020 Commentaire »

ECB's Mersch: Governing Council Will Assess Incoming Information Very Carefully


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*ECB's Mersch: Euro Area Recovery Remains Incomplete, Prone To Setbacks

Trading 19 Oct 2020 Commentaire »

ECB's Mersch: Euro Area Recovery Remains Incomplete, Prone To Setbacks


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*Canadian Wholesale Sales Edged Up 0.3% In August

Trading 19 Oct 2020 Commentaire »

Canadian Wholesale Sales Edged Up 0.3% In August


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