Forex Investment and Currency Trading

November 24 - Existing Home Sales (Survey: 5.00 million)
November 26 - New Home Sales (Survey: 440k)

Two recent trends are likely to remain in place with the release of the home sales reports for October. Over the past thirteen months, existing home sales have moved within a narrow 4.89 million – 5.18 million unit range. October sales likely also fell within that range. New home sales, however, have essentially been falling since August 2007. With the deterioration in credit and economic conditions over the past several months, some expect that October sales fell 18% to 380,000, lowest since 1982.

November 25
GDP (Survey: -0.5%)
GDP Price Index (Q3 preliminary) - Survey: 4.2%

The Q3 advance GDP report estimated that economic activity contracted at an annualized 0.3% pace. The preliminary report is likely to show a minor downward revision to a decline of 0.5%. Weaker consumption, inventories and nonresidential and public construction were likely partially offset by upward revisions to trade and housing. Also look for deteriorating Q3 profits.

November 25
Consumer Confidence (November) - Survey: 38.5

Amid financial market turmoil and declining household wealth and employment, the Conference Board’s consumer confidence index plummeted in October. While falling gasoline prices are a recent positive, continued weak equity markets and worsening employment conditions likely prevented an overall improvement in November.

November 26
Durable Goods Orders (October) - Survey: -2.7%

All indicators for durable goods activity fell in October. The ISM manufacturing new orders index fell to its lowest level since 1980. Both durable manufacturing output and manufacturing aggregate hours worked fell by at least 1%. Finally, Boeing reported just 14 aircraft orders in October.

November 26

Personal Income (Survey: 0.1%)
Consumer Spending (Survey: -1.0%)
Core PCE Deflator (October) - Survey: 0.1%

Sharply declining October employment, along with falling interest and dividend receipts, point to a drop in personal income. Sharply weaker retail sales imply a large drop in consumer spending. Finally, several economic reports have indicated a pronounced deceleration in price pressures in recent weeks. Analysts look for a flat core PCE deflator.