Monday, July 29, 2013

Economic Journal - Monday, 7/29/2013

(As of 7:30 am PST)
 
Markets are turning lower to start the week.  A report on pending home sales slipped off its six year peak as rising mortgage rates have slowed the pace of sales.  The economic data calendar is full this week with reports on consumer spending, PMI, construction spending, and non-farm payrolls jobs report all due out.  Also on tap is a monetary policy statement due out by the Federal Reserve on Wednesday.  It appears investors are cautious ahead of this week’s events after markets have seen a sharp run up for the month of July.   Asian markets saw big declines while Europe is seeing slight gains in the final hour of trading.  Oil is down and gold continues to inch higher, up $8 per oz.  Expect some consolidating to take place this week, especially in the front half leading up to the Fed’s policy statement on Wednesday.

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