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Analysts at Nomura noted the next key data release for the US as we build up towards Friday’s GDP report.  

Key Quotes:

“New home sales: New home sales likely declined 3.0% m-o-m to 668k saar in June (Consensus: -3.1% to 668k).”

“While month-to-month changes tend to be volatile, we continue to expect gradual improvement in new home sales. For June, consumer demand likely remained steady but supply-related factors may have continued to weigh on sales.”

“In particular, much of the newly-built housing stock has been concentrated on more expensive units, exacerbating the supply shortage in the lower-end segment of the market.”