Economic News

Treasury closed mildly lower Wednesday, sending yields a bit higher, after a session dedicated to digesting recent gains and taking in news that existing home sales slumped to a two-and-a-half year low last month. The weak home sales report fueled hopes that the Federal Reserve will see fit to halt its rate-tightening series, but did not help prices. The benchmark 10-year Treasury note ended ...

WASHINGTON (AFX) - House hunters shied away from buying in July, driving down sales of previously owned homes to a 2 1/2-year low. The inventory of unsold homes climbed to a new record high. The new figures, released Wednesday, provided fresh evidence of how much the once-sizzling housing market has cooled. Prospective home buyers have turned cautious about making such a big-ticket purchase  ...

LONDON (AFX) - The euro came under pressure in late trade as investors braced for yet another weak confidence survey out of the region tomorrow, leading some investors to scale back somewhat aggressive expectations of rate hikes in the 12-nation area. The euro fell under the key 1.28 usd level before finding some support from some smaller European central banks. The single currency's woes starte ...

Treasury remained were under pressure Wednesday, sending yields a bit higher, as investors locked in gains after recent rallies. News that existing home sales slumped to a two-and-a-half year low last month fueled hopes that the Federal Reserve will see fit to halt its rate-tightening series, but did not help prices. The benchmark 10-year Treasury note last was 7/32 lower at 100-9/32 with a  ...

WASHINGTON (AFX) - Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam. The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in July from June to a seasonally adjusted annual ra ...

Sales of existing US homes have fallen to their lowest level since the start of 2004, in a fresh sign that the once red-hot housing market is cooling down. Sales of previously-owned homes were down 4% in July from a month before, a bigger fall than analysts had expected. Successive interest rate rises have taken the heat out of the market, with sales of new homes also falling. Federal Reserve chairman Ben Bernanke said recently he believed the market was headed for a "soft landing". Budget p ...

The dollar edged lower against major foreign-exchange counterparts early Wednesday, with traders awaiting data on existing home sales that are expected to show a continued slowdown in the U.S. housing market. Sales of existing homes, due out at 10 a.m. Eastern time, are expected to fall in July, dropping about 0.8% to a seasonally-adjusted annual rate of 6.57 million, according to economists su ...

LONDON (AFX) - The dollar eased slightly after news that existing home sales in the US faltered in July, signalling that the wider economy is indeed slowing. In data just out, the National Association of Realtors said US existing home sales fell by 4.1 pct to 6.33 mln in July from the previous month's downwardly-revised 6.60 mln. Analysts polled by AFX News had anticipated a fall to 6.56 mln fro ...

WASHINGTON (AFX) - Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam. The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in July from June to a seasonally adjusted annual ra ...

Treasury prices were under slight pressure early Wednesday, sending yields a bit higher, as investors await existing home sales figures for last month. The benchmark 10-year Treasury note last was 3/32 lower at 100-14/32 with a yield (TNX) of 4.817%., a touch above its Tuesday finish at 4.813%. The benchmark yield is in its weakest range since late March. Prices and yields move in opposite dire ...