US new homes sales for April came in 634 k vs 678 k exp. and 693 k previously (revised to 665 k) (-4.7% vs -2.2% exp. and 8.8% previously)
Reading shows that higher interest rates in US trim demand for new homes significantly. Despite on that market push back the timing of the first Fed rate cut to December from November, as US PMI came in much higher, than expected especially in Services.
Daily summary: Gold retreats 3% as US dollar rebounds after hawkish Warsh speech in Jackson Hole
🚩 EURUSD loses 0.3%
🗽 Fed chair, Kevin Warsh speech from Jackson Hole
Economic Calendar: All eyes on Kevin Warsh! Will Fed Chair protect his credibility?