NAHB Housing Market Index Remains Unchanged At 46; SP500 Tests Session Lows

More information in our economic calendar Current sales expectations remained unchanged at 48. Sales expectations in the next six months increased from 63 in November to 66 in December, reaching the highest level since April 2022. The report showed that traffic of prospective buyers declined from 32 in November to 31 in December.

According to NAHB, 31% of builders cut home prices in December, while the average price reduction was 5%.

Today, traders also had a chance to take a look at the Industrial Production report for November. The report indicated that Industrial Production declined by 0.1% on a month-over-month basis, compared to analyst consensus of +0.3%.

Business Inventories increased by 0.1% month-over-month in October, in line with analyst expectations.

U.S. Dollar Index declined below the 106.90 level as traders reacted to the weaker-than-expected NAHB Housing Market Index report. From a big picture point of view, forex traders stay cautious ahead of Fed decision, which will be released tomorrow.

Gold moved away from session lows as traders reacted to U.S. dollar’s pullback. Currently, gold is trying to settle back above the $2640 level.