US Housing Market Under Scrutiny Amid Rising Oil Prices and Weaker Dollar
The start of Tuesday's session is marked by rising oil prices and a weaker dollar. The focus of investors will be on the US housing market, as several important publications from the USA are scheduled to be released today.
The Westpac consumer confidence index for Australia rebounded strongly in August, reaching 6.0%, while representatives of the Reserve Bank of Australia maintained a hawkish rhetoric, supporting the local currency. However, Asian markets felt increased supply pressure due to Monday's disappointing data on Japan's GDP growth dynamics.
Today's macroeconomic calendar includes key publications from the UK and Germany, including the UK unemployment rate and the ZEW index for August. In the US, investors will be closely watching the building permits, housing starts, import price index, and pending home sales index. These releases are expected to provide insight into the current state of the housing market and its potential impact on future Federal Reserve decisions.