The NY session was choppy to say the least and the dwindling of risk appetite helped the US dollar rebound modestly. US stocks managed to close up on the day, but the 0.3% gain was meager compared to European and Asian marts. Not even a booming new home sales report could help make for a euphoric market. US new home sales shattered expectations by rising to 384K in June from a 346K prior result. The better number was on the back of massive price capitulation – median prices fell nearly -6% month-on-month – and this was cause for pause. Full text »
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