We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Cable is back off last Friday’s lows and looks to have set-up short-term support just above 1.2200. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/R6mtP38uQs https://t.co/UdWHjhOeFS
  • Yellen: - #coronavirus 'war bond' may be an appropriate approach for the US
  • Yellen: - May be worth reconsidering Fed asset buying powers
  • Yellen: - Fed not legally allowed to buy stocks - There will be a lot of stress on banks
  • Yellen: - Fed providing massive support - Fed has 'pulled out all stops' - Banks must meet credit needs of the whole system
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.55% 🇳🇿NZD: 1.54% 🇨🇦CAD: 0.40% 🇨🇭CHF: -0.15% 🇪🇺EUR: -0.16% 🇯🇵JPY: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MwJ5eOesPu
  • Yellen is worried we may not see a quick recovery
  • $GBPUSD bounced off the 1.2200/1.2210 area in early trade, despite weekend news that UK PM Boris Johnson had been hospitalized with ongoing coronavirus symptoms. Get your GBP/USD market update from @nickcawley1 here: https://t.co/KcRiWwKaFH https://t.co/H30t64pH96
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 5.39% US 500: 4.54% France 40: 4.49% Wall Street: 4.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4o6K6izS7B
  • Yellen says that the US jobless rate could rise to 12%-13% and beyond
Housing Remains Resilient Despite Higher Mortgage Rates

Housing Remains Resilient Despite Higher Mortgage Rates

2013-09-17 14:18:00
Gregory Marks,
Share:

THE TAKEAWAY: NAHB Housing Market Index for September met estimates of 58 -> August reading is revised lower from 59 to 58 ->USD Higher

Although the NAHB Housing Market Index for September came in exactly as estimated at 58, the readings for last month were revised lower from 59 to 58. Nevertheless, the 58 level is still the highest seen since 2005. The flat level MoM may stem from mortgage rates that have risen since Chairman Bernanke first hinted at a possible September taper. Due to concerns in these higher mortgage rates, we may see the Fed simply reduce purchases of Treasuries while leaving MBS purchases unchanged as many market participants are led to believe. Relatively sustained and strong data like this most recent housing market index print reinforces that hypothesis.

The NAHB Housing Market Index is a monthly print based on a survey of NAHB members. It is essentially a gauge of the single-family housing market and is measured between 0 and 100 with a higher number being the stronger.

Housing_Remains_Resilient_Despite_Higher_Mortgage_Rates_body_Picture_2.png, Housing Remains Resilient Despite Higher Mortgage Rates

We are at the highest levels since 2005.

Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) (5-Minute Chart)

Housing_Remains_Resilient_Despite_Higher_Mortgage_Rates_body_Picture_1.png, Housing Remains Resilient Despite Higher Mortgage Rates

Source: FXCM Marketscope

While market participants were speculating a disappointing reading, the flat print of 58 confirmed resilience in the U.S. housing market despite rises in mortgage rates by almost an entire percent since May. This sent the greenback even higher after Net Long-term TIC Flows for July gave the Dollar a boost following the U.S. open earlier.

Gregory Marks, DailyFX Research Team

New to Forex? Watch this video.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.