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Despite decline, US new home sales trend remains positive – Wells Fargo

FXStreet (Córdoba) - Acceding to Mark Vitner and Anika Khan, economists at Wells Fargo, the decline in new home sales in October was a “sobering reality check” but the trend in the sector remains positive.

Key Quotes:

“New home sales fell more than expected in October to a 468,000-unit annual pace. Inventories rose during the month, but the monthly figures are especially volatile during the seasonally slow period of the year.”

“Despite the disappointing monthly reading, the overall trend in new home sales remains positive and is consistent with rising builder sentiment and existing home sales.”

“Sales of new homes where construction has “not started” jumped more than 20 percent year over year, suggesting the recovery has a bit more room to grow. Sales where properties are “under construction” were also up relative to the previous year.”

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Analysts at UOB Group explained that The China Communist Party 18th Central Committee’s 5th plenum will take place from Monday through to Thursday (26 to 29 Oct).
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USD/MXN awaits Fed and Banxico between 16.35 and 16.65

USD/MXN continues to consolidate after making a correction from record high levels at 17.34 (Sep 24 highs) to 16.32 (Oct 15 low) ahead of the Federal Reserve and the Bank of Mexico meetings that will take place later during the week.
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