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US new home sales and the Richmond Fed top the US economic calendar

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What’s coming up today

Here’s the important thing today, as summarized by Bank of America:

“Evidence suggests the US is now past the peak level of daily COVID-19 infections caused primarily by the Delta variant … With the UK as guide, the decline in case numbers on the other side could be rapid … This bodes well for reopening trades that underperformed.”

You can see that throughout markets as everything from base metals to NZD/JPY continues the climb.

What's coming up today

In terms of data, I don’t see anything that will move the needle but housing is a bit of an x-factor at the moment and the question is: Are we seeing a pause in demand or a retracement in prices?

Both releases are due at the same time — 10 am ET (1400 GMT) with new home sales expected at 0.690m and the Richmond Fed seen at +25.

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