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Investing.com – U.S. Consumer Confidence and New Home Sales data are now missing expectations, as the importance of the just released data is that it provides more clarity on the Fed’s next steps on interest rates.
Coinciding with the release of the data, it lost all its gains and is now stable without an increase or decrease, while it remains in the bearish range.
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Data just released
September data revealed a record of 103 points, compared to expectations of 105.5 points, while the previous reading was revised to record 108.7 points.
This indicator determines the mood of consumers regarding economic conditions. A high reading indicates a high rate of consumer optimism. When consumers are optimistic, they tend to buy more goods and services, which stimulates the economy. This reading is extracted from a monthly survey in which respondents are asked to evaluate the economy in the future.
At the same time, new home sales in August recorded 676 thousand homes, and expectations indicated that 700 thousand homes were recorded, while the previous reading recorded 714 thousand homes but was revised to 739 thousand homes.
This index determines the annual amount of new residential homes sold during the past month. The upward trend of this report has a positive impact on the country’s currency as the real estate sector is considered a leading indicator for the economy in general. The new activity in the real estate sector creates another economic impact as homeowners purchase new goods for their homes such as tools and furniture, and construction workers purchase raw materials and hire new employees to meet construction demand. Strong activity in the real estate sector indicates that the construction industry is recovering and that consumers have the capital to make large investments.
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Gold and dollar now
It fell by 0.58% to $1,925 an ounce.
While spot gold contracts fell by 0.47% to $1,906 per ounce.
On the other hand, the dollar index stabilizes at 105.7 points.
2023-09-26 14:03:00
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