DXY | Market outlook
July housing data was generally weak, with building permits down 4.0% to 1.396M and housing starts down 6.8% to 1.238M. The sector is under pressure as the Federal Reserve’s interest rates peak and may begin to decline soon. Yesterday, St. Louis Federal Reserve Bank Governor Alberto Musalem noted that macroeconomic data has strengthened the regulator’s confidence in inflation returning to the 2.0% target, so the adjustment of monetary policy looks timely, adding that the rise in unemployment to 4.3% was due to an increase in labor supply, not a loss of jobs.
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