Where Main Street Meets Wall Street

US new home sales and the Richmond Fed top the US economic calendar


What’s coming up today

Here’s the important thing today, as summarized by Bank of America:

“Evidence suggests the US is now past the peak level of daily COVID-19 infections caused primarily by the Delta variant … With the UK as guide, the decline in case numbers on the other side could be rapid … This bodes well for reopening trades that underperformed.”

You can see that throughout markets as everything from base metals to NZD/JPY continues the climb.

In terms of data, I don’t see anything that will move the needle but housing is a bit of an x-factor at the moment and the question is: Are we seeing a pause in demand or a retracement in prices?

Both releases are due at the same time — 10 am ET (1400 GMT) with new home sales expected at 0.690m and the Richmond Fed seen at +25.

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