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The National Association of Home Builders recently made a statement indicating their belief that despite recent inflation readings leading to higher rates, the Federal Reserve will likely announce future rate cuts this year. They anticipate mortgage rates to moderate in the second half of 2024.
In addition to this, traders had the opportunity to analyze the Business Inventories report for February. The report showed a 0.4% month-over-month increase in Business Inventories, slightly higher than the analyst consensus of +0.3%.
Meanwhile, the U.S. Dollar Index reached new highs in response to the NAHB Housing Market Index report. The index is currently attempting to settle above 106.15, while Treasury yields are on the rise as bond traders expect a more hawkish Fed.
Gold prices dipped below the $2335 level as traders focused on a stronger dollar and increasing Treasury yields. Profit-taking also played a role in today’s trading session for the gold market.
On the other hand, the SP500 saw a pullback from session highs following the release of the NAHB Housing Market Index report. Despite this, the index is trying to rebound after experiencing a sell-off last Friday.
To stay updated on all of today’s economic events and to keep track of the latest market trends, be sure to check out our economic calendar. Extreme Investor Network is your go-to source for valuable insights and information in the world of investing and trading.
