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US Data in Focus

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Markets may be lacklustre this week, with the news flow expected to be mainly ancillary data before a much more important news period in the following week. This week does see some important figures out of the US, Europe and Canada.

The UK is closed for trading today, with a summer bank holiday. Europe is still open for trading, and at 11am server time German Ifo Business Climate is due to be released. The business conditions indicator has been heading lower since April, with today’s figure expected to come out slightly lower than last month at 107.1 with German growth slowing and conditions worsening. US New Home Sales is also another potential market mover out tonight. The US data point has ticked up in recent years after the collapse of the US housing bubble, but has reached something of a plateau since mid-2013. Tonight’s figure is expected to show that 426,000 new homes were sold, up from 406,000 last month.

The US data continues over Tuesday, with the announcement of both Core Durable Goods Orders and the Conference Board’s Consumer Confidence Index. Core Durable Goods Orders are forecast to grow 0.5% over the month, a little down from last month’s 1.9% growth rate. Consumer confidence is also expected to remain high, with analysts expecting a read of 89.1 – slightly down from last month but still quite high relative to recent history.

Many traders have next week’s central decisions from the UK, Australia and Europe in mind, as well as the all-important Non-Farm Payrolls. While this week may be quiet on the news front, it should be compensated next week with a series of high profile announcements.

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