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[QUOTE="Daniel LQDFX, post: 230914, member: 107699"] [HEADING=2][Center][Heading=1][B]Daily News Update[/B][/Heading][/Center][/HEADING] [HEADING=2] [Right]25 March 2024[/Right][/HEADING] [Right]Monday[/Right] [Heading=2]The release of New Home Sales data in the United States and the Westpac Consumer Confidence Index from Australia on Monday is set to provide valuable insights into the economic health of both nations. These indicators are crucial as they can trigger widespread economic activities. This encompasses the subsequent buying of furniture and appliances, the processing of mortgage transactions by financial institutions, and the remuneration of brokers involved in facilitating these deals.[/Heading] [B][U][Center]USD - New Home Sales[/Center][/U][/B] The Annualized New Home Sales metric, which quantifies the monthly sales of new single-family homes on an annualized basis, is disclosed monthly on the 17th business day following the month's conclusion. This indicator is of significant interest to traders as it serves as a leading gauge of economic vitality. The sale of a new home initiates a comprehensive economic impact, encompassing the purchase of furnishings and appliances, the issuance of a mortgage by a financial institution, and the remuneration of brokers involved in facilitating the sale, thereby underlining its importance in assessing economic health. On February 26, 2024, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that new residential sales in January 2024 reached a seasonally adjusted annual rate of 661,000 units, marking a 1.5 percent increase from the revised December rate of 651,000 and a 1.8 percent rise from January 2023's estimate of 649,000. The median sales price of new houses sold was $420,700, with the average sales price at $534,300. The seasonally adjusted estimate of new houses available for sale at the end of January stood at 456,000, equating to an 8.3-month supply at the current sales rate. Additionally, it was announced that beginning with the April 2024 release, new residential sales data would undergo revisions to better reflect current new home price distributions and include new price groupings, with re-calculated data from January 2020 to March 2024 and archived data from 2002 to 2019. [B]TL;DR[/B] [LIST] [*]January 2024 new residential sales at 661,000 units, up 1.5% from December and 1.8% from last January. [*]Median new house price at $420,700, average at $534,300. [*]456,000 new houses available, equating to an 8.3-month supply. [*]Data revisions starting April 2024, affecting January 2020 to March 2024 and archiving 2002-2019 data. [/LIST] The [B]New Home Sales[/B] forecast suggests [B]673,000[/B], up from the previous figure of [B]661,000[/B]. The upcoming release of [B]New Home Sales data[/B] is scheduled for [B]Monday[/B] at [B]2:00 PM GMT[/B]. [B][U][Center]AUD - Westpac Consumer Confidence Index [/Center][/U][/B] The Westpac Consumer Sentiment index, a monthly diffusion index released typically on the second Tuesday, gauges changes in consumer outlook based on a survey of approximately 1,200 individuals. Participants assess past and future economic conditions, employment prospects, and the climate for significant purchases. While its impact on markets is generally mild, fluctuations can occur due to data volatility. Traders monitor this index closely as it serves as a leading indicator of consumer spending, which constitutes a significant portion of overall economic activity. In January, Australia witnessed a downturn in business conditions with a slight uptick in confidence, as highlighted by a National Australia Bank Ltd. survey. Contrasting this, consumer sentiment surged by 6.2%, as per Westpac Banking Corp.'s report, fueled by the cessation of the Reserve Bank's interest rate hikes and anticipated tax cuts. This shift, showcasing a divergence between business and consumer outlooks, reverses previous trends where rate increases dampened consumer confidence but businesses remained relatively unaffected. The Reserve Bank of Australia's significant rate hikes since May 2022, aimed at controlling inflation, have been a key factor in this dynamic. With borrowing costs held at a 12-year peak and the expectation of a downward adjustment in rates, there's a growing optimism for a relaxation in price pressures and an improvement in economic conditions by early 2024. [B]TL;DR[/B] [ATTACH type="full"]27831[/ATTACH] The anticipated figure for the [B]Westpac Consumer Confidence Index[/B] shows a decline of [B]1.6%[/B], in contrast to the prior result of a [B]6.2%[/B] increase. The upcoming release of the [B]Westpac Consumer Confidence Index[/B] is set for [B]Monday[/B] at [B]11:30 PM GMT[/B]. [HR][/HR] [I]Disclaimer: The market news provided herein is for informational purposes only and should not be considered trading advice.[/I] [/QUOTE]
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