The markets were relatively quiet yesterday with most of Europe closed while the economic data from the U.S. were scant. The S&P/CS housing price index data rose 6.4%, beating estimates of 6.3%. However, the Richmond Fed manufacturing index showed a decline as the index fell to 20, down from 30 and below estimates of 22.
Looking ahead, the economic calendar today will see the release of the U.S. conference board’s consumer confidence data. Economists expect consumer confidence to slip to 128.2 following the previous month’s increase to 129.5. This is later followed by pending home sales data which is expected to post a 0.4% decline after rising 3.5% previously.
