The dollar continued to slide against the euro, easing to 1.30 despite better than expected housing data. Pending home sales in October unexpectedly beat consensus estimates at -0.7% versus -4.6% a month earlier. Nonetheless, despite the better than forecast report, the housing market has yet to bottom out and will continue to weigh on economic fundamentals.
US equities also relinquished some of yesterday’s gains with a 2.72% decline in the Dow Jones and 1.55% drop in the Nasdaq. Fed funds futures are currently pricing in a 65% probability that the FOMC will cut rates by 75-basis points at its meeting next week to 0.25%.
by Korman Tam
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