US: Across the Atlantic, the US calendar gets underway at 1358GMT, with the
release of the January flash Markit Services PMI data. US data continues at
1500GMT, with the release of the December New Home sales data.
US Dec New Home
SaleS. New home sales are expected to hold virtually steady at a 463,000 annual
rate in December after declining by 2.1% in November. The fear of higher
interest rates may have encouraged on-the-fence buyers to act quickly. Housing
starts surged in November before falling back in December, so there should be a
bump up in supply in the coming months. Even with that improvement, supply
remains very low relative to sales, falling to 4.3 months in November. Overall,
the trend of new home sales, and the housing market as a whole, remains on an
upward path compared to a year earlier. At 1530GMT, the January Dallas Fed
manufacturing survey will cross the wires, with economists looking for a tick
higher to 3.2 from December's 3.1.
