The US eco calendar contains today the June durable goods orders, new homes sales and the U. of Michigan confidence final figure. There are no Fed speeches or other events of which we are aware. No bellwethers report either. Durable goods orders are expected to drop 0.3% M/M in June after staying flat in May, but the risks seems skewed to the downside of expectations. Durable orders excluding transportation are forecasted to fall less (0.2% M/M) than in the previous month (-0.8% M/M). New home sales are expected to decline 1.8% M/M to an annual 503 000 units in June, only slightly above the 501 000 units which is cycle low reached in March (a 17-year low). The risks seem on the downside of consensus, which would give us “nice” headline news. Inventories are still too high and the housing market is not yet recovering. The U....
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