Top 3 Things to Watch During the New York Session, March 5
Arslan Butt • 1 min read
The single currency Euro plunged to a one-week low against the Greenback as the dollar gained broadly on slightly better economic events.
Gold remains steady above $1,282 support level as investors await ISM Non-Manufacturing PMI from the United States.
The Eurozone released a series of low impact services PMI figures and, surprisingly, most of them beat economists’ forecast.
For now, the investors focus stays on:
ISM Non-Manufacturing PMI – At 15:00 (GMT), the Institute for Supply Management will be releasing services PMI data for the US economy. Economists are very optimistic about the release as they are expecting PMI to reach 57.4 vs. 56.7.
US New Home Sales – The US Census Bureau is due to release the new home sales data at 15:00 (GMT) with a slightly negative forecast of 597K vs. 657K beforehand.
Why New Homes Sales Matters?
Traders, it’s a leading indicator of economic health because the sale of a new home triggers a wide-reaching ripple effect. For instance, furniture and appliances are purchased for the home, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction. So, better than expected data is considered good for the economy
BOE Gov Carney Speaks
The BOE Governor Mark Carney is due to testify on Brexit, inflation, and the economy before the House of Lords Economic Affairs Committee in London at 15:35 (GMT). Investors should follow the event to drive sentiments about the upcoming monetary policy event.
All the best and stay tuned for further updates!