US new home sales stood at 411K in February. They were expected to stand at 426K after 431K last month (revised down from 437K). US consumer confidence was predicted to tick down from 69.6 to 67.9 points but it fell all the way to 59.7 points.
The Richmond Manufacturing Index was expected to rise from 6 to 8 points but fell to 3. Reaction in currencies is quite limited at the moment.
A drop in CB’s consumer confidence is in line with the drop in the consumer confidence indicator from the University of Michigan. Is it the expiration of the payrolls tax cut?
All three figures came out below expectations. Recently, most indicators have been positive, and when one disappointed, it was flooded by a bunch of positive ones.
Earlier, the S&P Case Shiller HPI exceeded expectations by rising 8.1% year over year. Durable goods orders were quite mixed.
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