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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Pending home sales posted a smaller-than-expected decline in July of -1% (cons. -2.6%) from a slightly downward revised -8.9% in June for -22.5% Y/Y.
- It’s a small reprieve compared to the sizeable declines in both existing (-5.9%) and new (-12.6%) sales in July but is of little comfort at the lowest level since 2011 when looking through the Apr’20 low.
- Its leading characteristic suggests further downside ahead for existing sales, which are already down 25% from their January peak [see chart] and it follows weekly purchase mortgage applications hitting new lows since 2016 when looking beyond the initial pandemic slump.
- It comes as Tsy front end yields continue to move higher, with 2YY +3bps on the day at 3.36% and within 10bps of June highs that in turn were the highest since late 2007.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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