US: Existing home sales and Richmond Fed manufacturing survey in focus - TDS

Analysts at TD Securities suggest that the US existing home sales are expected to retreat marginally by -0.2% to 5.33mn units in June.

Key Quotes

“Although sales appear to have failed to jumpstart in Q2, we expect them to gradually strengthen in the second half of the year on the back of lower mortgage rates and a still-strong consumer fundamentals.”

“Separately, the Richmond Fed manufacturing survey for July is likely to show an increase to 5 from 3 before. This would be directionally in line with the results of the NY Empire and Philly Fed survey results, which suggest the ISM manufacturing is nearing a bottom in July.”