US: Housing and consumer confidence in focus - TDS

Research Team at TDS, suggests that in the US, housing will be the focus though we do not expect data to drive much of a market reaction ahead of the Fed on Wednesday.

Key Quotes

“New home sales are expected by the market to bounce back following a 6.0% m/m drop in June; the market consensus is for +1.6% m/m while TD looks for continued weakness and a 1.1% decline in sales activity. S&P Case-Shiller house prices are expected by the market to rise by 0.15% m/m for the 20-city index; TD looks for a stronger 0.4% advance.

Conference Board Consumer Confidence is expected to take a hit in July following an eight-month high last month. TD forecasts a decline from 98.0 to 96.2, just a hair above the 96.0 consensus. Lastly, TD is in line with the market and looks for the Richmond Fed Index to improve from -7 to -5.”