Sales of existing homes in U.S. fell 27.2% to 3.83 million units SAAR; the lowest reading since 1996. Consensus was at 4.65 million. Total housing inventory is at 4.0 million units vs. 3.9 million units in June. Months supply rose from 8.9 to 12.5 months; all-time high. Chart 1. U.S. Existing Home Sales Chart 2. U.S. […]

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A kind of uneasy feeling surrounds markets today and I can see only negatives on the horizon: Japanese Yen and Australian dollar – currencies involved in financing equity bets moved against financing users. Peripheral Europe bond spreads rose in recent weeks; Greek are even close to pre-bailout levels. Hungarian Forint vs. Swiss Franc again close to all […]

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