This morning, US housing starts are expected to show a further fall-off in demand after the expiry of the homebuyer’s tax credit. Without the US government’s artificial support, the housing market is struggling to stand alone. The fall in the US housing index yesterday is further proof that demand for new homes has weakened further. Other releases should provide stronger evidence that the housing market is ‘now enduring a double-dip in activity and eventually prices too’. This is in stark contrast to China, who is expected to ramp up the pace of infrastructure spending and ‘tone down the severity of curbs on the property markets’ to concentrate on fueling their domestic consumer demand. Markets remain lackluster, waiting for Helicopter Ben’s HH tomorrow and the release of the EU stress tests this Friday.
The US$ is weaker in the O/N trading session. Currently it is lower against 13 of the 16 most actively traded currencies in a ‘whippy’ trading range.
http://forexblog.oanda.com/20100720/us-double-dip-indicators-to-remain-strong/
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