Risk appetites remained firm and the USD stayed soft as US housing data pointed to increasing signs that the US housing market continued to stabilize, leading stock markets to probe mildly higher. The NY day got off to a shaky start, however, as June personal income fell more than expected (-1.3% vs. exp. -1.0%), while personal spending rose slightly more than forecast (+0.4% vs. exp. +0.3%). But June pending home sales, a leading indicator for existing home sales, later surprised with a strong 3.6% gain (forecast +0.6%), marking the fifth straight month of improvement in that series. The USD turned lower and the JPY-crosses rebounded from losses during London as stocks stabilized and eventually moved into positive territory. Full text »
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