Investors continued to look ahead to a speech by Federal Reserve Chairman Ben Bernanke at the central bank’s annual symposium in Jackson Hole, Wyoming on Friday, amid ongoing speculation over how close the Fed is to implementing more stimulus measures. But while an encouraging sign for the economy, it was also seen as boosting the argument against Federal Reserve President Ben Bernanke pushing through new stimulus effort for the moment.
Yesterday, US stocks closed moderately in positive territory, as markets digested an upward revision of second-quarter US economic growth data that topped estimates and a better than expected data out of the housing market.
The National Association of Realtors reported yesterday its pending home sales index rose by 2.4% in July, easily surpassing expectations for a 1.0% increase.
Year-on-year, pending home sales rose at rate of 15.0% in July, beating expectations for an 11.1% increase, after rising by 8.4% in June.
The U.S. Commerce Department said gross domestic product increased at a seasonally adjusted annual rate of 1.7% in the three months to June, in line with expectations and up from a preliminary estimate of 1.5%.
The Macro calendar for today is listed below, no major enouncements are expected:
12:30 US USD Continuing Jobless Claims (Aug 18)
12:30 US USD Core Personal Consumption Expenditure - Prices Index (YoY) (Jul)
12:30 US USD Initial Jobless Claims (Aug 25)2
12:30 US USD Personal Income (MoM) (Jul)
12:30 US USD Personal Spending (Jul)
23:01 UK GBP Gfk Consumer Confidence (Aug)2
23:13 JP JPY Nomura/ JMMA Manufacturing Purchasing Manager Index (Aug)
23:30 JP JPY National Consumer Price Index (YoY) (Jul)
23:30 JP JPY Tokyo Consumer Price Index (YoY) (Aug)1
23:30 JP JPY Overall Household Spending (YoY) (Jul)
23:30 JP JPY Unemployment Rate (Jul)
23:50 JP JPY Industrial Production (YoY) (Jul)Preliminar
Gold prices fell in Asian trading on Thursday on news the U.S. Commerce Department revised the country's second quarter gross domestic product growth rate to 1.7% from 1.5%.
Housing data surprised on the upside, convincing markets that the Fed may decide the country can stand on its own two feet and hold off on stimulating the economy, which would have sent gold rising.