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According to analysts at TD  Securities, US new home sales are expected to post their first monthly decline of the year, dropping -2.5% in April to 675k, which would still leave new home sales at their second-highest level since 2017.

Key Quotes

“Additionally, the Kansas City Fed manufacturing activity index is likely to have advanced marginally in May, partially recovering from its 5-point decline to 5 in April. This result would be in line with improvements in both the NY Empire and Philly Fed surveys.”