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US Housing Index Picks Up

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The US National Association of Home Builders has just published an update to the state of the housing construction market. The June reading of the NAHB Housing Market Index has come in at 49, this compares to the May print of 45 and the market anticipated number of 47.

The all important TIC data has also been released by the US Department of Treasury this afternoon. The reading for the Total Net TIC Flows for the month of April has been announced as a $136.8Bn inflow compared to the March outflow of -$126.1Bn. The Net Long Term TIC Flows for the month is now reading at -$24.2Bn, this compares to a March reading of $4.0Bn whereas the markets were anticipating a reading closer to $41.3Bn on this metric. The Treasury International Capital (TIC) data is an important number to the markets as it is considered to be the Department of Treasuries balancing funding for the Trade deficit.

Turning to the state of US Industry and several important data readings have been published over the course of the past few hours. Headlining this data is the Industrial Production number for the month of May, this has been released by the Board of Governors of the Federal Reserve as a month on month change of 0.6%, this follows April’s fall of -0.6% and compares to a market consensus estimate for a 0.5% increase.
Accompanying the Industrial Production data was the May reading of the Capacity Utilization number, this is now showing 79.1% utilization compared to April’s 78.6%, it was estimated by the market that this number would rise to 78.9%.

Finally, on the US Industrial Data front was the publication by Federal Reserve Bank of New York of the NY Empire State Manufacturing Index. Relating to the month of June this index is now reading at 19.28 compared to 19.01 in May and a market consensus estimate for 15.00.

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