Spreadex Market Update
European and US futures continue to edge higher
European and US futures continue to edge higher on thin volume ahead of data on the US housing market. The S&P is on track to score its first weekly gain in the past three weeks. New home sales data for April are expected to climb to 425,000 units from the seasonally adjusted annual rate of 384,000 during the prior month.
The dollar remained near a one-week high against the yen head of new home sales. The euro weakened, dropping to a 3-month low against the dollar after German Ifo Business Climate data failed to meet expectations. The confidence figure declined more than expected in May, suggesting the economy is slowing down after a robust start to the year. The reading fell to 110.4 from April’s 111.2, below the 111 forecast.
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