Global Economic News-in-Brief: Apr 22 to Apr 26 2024

Global Economic News-in-Brief: Apr 22 to Apr 26

April 23: New Home Sales

On Monday at 14:00 GMT, the New Home Sales was announced and found to be 0.693 M in place of the expected figure of 0.677 M. The indicator that represents the sales of newly constructed residences in the US rose in March from February’s downwardly revised figure, backed by a prolonged lack of previously owned homes in the market. Since there is a rise in the values of the New Home Sales, it will have a positive impact on the US dollar quotes. The indicator that measures new single-family home sales will next be disclosed on 23rd May 2024 at 14:00 GMT. Furthermore, the New Home Sales is considered for measuring the housing market conditions.

April 24: Ifo Business Climate

The Ifo Institute for Economic Research published the indicator on Wednesday at 08:30 GMT and it stood at 89.4 in place of the expected figure of 88.8. A favourable impact was felt on euro quotes since the figure is higher than the expected reading. The Ifo Business Climate represents the current economic situation and forecasts for the upcoming six months. It will next be revealed on 27th May 2024 at 08:30 GMT.

April 24: Core Durable Goods Orders

The indicator that reflects the value of orders received by manufacturers of durable goods in March compared to February was unveiled on Wednesday at 12:30 GMT by the Census Bureau. It stood at 0.2% in place of the estimated 0.4%. As there is a rise in the readings of the indicator, it will have a positive effect on dollar quotes. With the release of the indicator, the future production volumes in the short term could be forecasted. The Core Durable Goods Orders will next be disclosed on 24th May 2024 at 12:30 GMT.

April 24: EIA Crude Oil Stocks Change

The US Energy Information Administration made the weekly release of EIA Crude Oil Stocks Change on Wednesday at 14:30 GMT and it had a decline of 6.368 M in place of the expected rise of 1.040 M. So, a positive effect will be felt on the oil barrel price because there is a drop in the values of the indicator. Since it is one of the indicators impacting world oil prices, the market participants who are related to the energy sector of the market and those trading in the US dollar quotes will be curiously observing the changes in the readings of the indicator. The EIA Crude Oil Stocks Change will next be revealed on 1st May 2024 at 14:30 GMT.

April 25: US GDP

As per the GDP release for a first quarter made on Thursday at 12:30 GMT, it had a rise of 1.6% annualised pace, and it was below the estimated figure of 3.1%. The Commerce Department also said that the U.S. economy grew far less than projected to begin the year, while prices surged at a quicker rate. The personal consumption expenditures price index, a key inflation indicator for the Federal Reserve, increased at a 3.4% annualised rate in the quarter, the largest growth in a year. GDP, a broad measure of goods and services generated from January to March, climbed at a 1.6% annualised rate after accounting for seasonality and inflation, according to the department's Bureau of Economic Analysis.

April 25: Pending Home Sales

On Thursday at 14:00 GMT, the Pending Home Sales was announced and it had an increase of 3.4% in place of the forecasted decline of 1.4%. The indicator that shows the number of home sales contracts signed in March compared to February was released by the National Association of Realtors. As it had a growth in this release, it will have a positive effect on dollar quotes. The indicator will next be unveiled on 30th May 2024 at 14:00 GMT.