Solforex.com - Weekly/Daily Forex Market Analysis

[limyeeshin]

The U.S dollar was bullish with the added expectation of interest rates increase by satisfactory level of U.S. inflation and housing data last week. The Federal Reserve Chair Yellen has announced that there will be a raise in rates if the economy continues to improve as expected. The data showed consumer prices rose 0.3% in June following with five months of consecutive improvements. Core prices excluding food and energy increased 0.2% as well which gives a strong sign of inflation.
The U.S. housing data was above satisfactory with the intensification in housing starts by 9.8% to 1.174 million units in June, way above the expectation of 6.2% increase. Also, the building permits rose 7.4% in June the highest percentage since 2007 consolidating the housing market.
Meanwhile in Eurozone, the euro slightly went higher during the week after the positive outcome of Greek debt negotiation. Greece is to receive a bridging loan of €7 billion from EU fund agreed by the Eurozone ministers which pushes down the concerns of Grexit. However, Greece still has to overcome with the bailout approval and Germany has lowered the rates which turned the euro back to bearish trend.
Overall, the dollar was strengthened against other major currencies by 1.91% and the euro was weakened by 2.99%.
Elsewhere, the Bank of England minister has stated there will be a rate raise which have strengthened the pound by 0.54%. Turkish lira and South African rand was bullish after the shrinkage in U.S. retail sales data however reduced strengthening later of the week. The Japanese Yen was weakened by 1.08%.
The Canadian, Australian and New Zealand dollars all lost against the U.S. counterpart due to drop in commodity prices and the variation in China market which increased concerns for growth-linked assets. The New Zealand dollar hit the weakest level against the U.S. dollar since July 2009 at 0.6522 with the growing expectation for the rate cut in NZ.

Weekly Events and Forecasts
Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.

Monday, July 20
Germany is to release producer price index and the Eurozone is to publish current account.
Japan market will be closed due to public holiday.
Canada is to release wholesale sales report.

Tuesday, July 21
The Reserve Bank of Australia is to release the recent monetary policy meeting minutes. The market investors will be attentive to the minutes as it gives the official views of the economy that could indicate market movements.
The U.K. is to release public sector borrowing data.
Apple Inc. is to report their performance in the U.S. and if the report shows as outperforming the dollar might slightly fall due to its updraft in stock market.
Switzerland is to publish trade balance data.

Wednesday, July 22
The U.S. is to release existing home sales data. The consensus expects 5.4 million which is slightly improved from the previous month data of 5.35 million.
The Bank of England is to publish the minutes of July meeting on monetary policy.
Australia is to release consumer price index.

Thursday, July 23
The Reserve Bank of New Zealand is to hold monetary policy meeting and there is a possibility that the NZ rate will be cut. If the rates are cut, the NZD will be weakened and might give impacts to related products currencies such as AUD, Brazilian Real and etc.
The big companies such as McDonald’s, Starbucks and etc. are to release their performances. If the performances are improved the rates rise expectations might strengthen the dollar.
Japan is to publish trade balance.
The U.K. and Canada is to release retail sales data.

Friday, July 24
New Zealand is to report on the trade balance.
The U.S. is to release new home sales data and is expected to decrease slightly. The data showing housing market is firm, could strengthen the dollar.
HSBC is to release the preliminary read on manufacturing index in China.
The euro zone is to publish survey on private sector activity.

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[limyeeshin]

Thursday July 23, 2015
The euro gains
The euro gained against other major currencies after German bond rate rise and the easement of Greek issues. S&P has announced that they have increased the credit level of Greece up two levels. Also, the German bond rate showed 0.7319% increasing +1.69bp that has added impact to the euro gaining. However, as from the U.S. rates hike expectations the euro strengthening range was limited.
Disappointing business performances in the U.S.
The business performance reports in the U.S. were disappointing which have brought concerns to the U.S. economy enhancement. Thus providing reasons for inletting profit gains by the difference between the dollar and other currencies. The dollar was on the market as the recent gains and led the variation range to widen. The Apple’s under satisfying performances led stock prices to be dropped especially affecting IT stocks worldwide by a slight less sales. The dollar was bearish after the reports released.
New Zealand rates cut
The Reserve Bank of New Zealand has lowered the rates again to 3.00% cutting 0.25% and indicated the steps toward further cuts. Last month the RBNZ has cut the interest rates after four years and lowered again just within two months. The Governor of RBNZ Graham Wheeler has said the reasons for the cuts are the current outlook for economy growth is blurry and the inflation is quite low, thus lowering currency to support trades where exportation of raw materials is slowed down. Recently, major raw material exporting countries such as Canada and Australia have lowered their rates due to the price drops in raw material and oils. However, the NZD gained slightly on Thursday despite a rate cut due to the pressure from housing prices with rapid increase in house prices in Auckland. NZD/USD recent trade was at 0.6639, up 0.97%.

Market movements
Overall, the dollar was weakened by 0.73%, the euro was strengthened by 1.02%, Yen bullish by 0.31% and the pound was bearish by 0.04%.
The safe assets such as gold and silver were in decreasing trend due to the U.S. rate hikes, with gold dropping by -0.30% however limited the drop range with the bearish dollar movements. Silver was raised slightly by +0.08%. Oil prices have been slightly pulled up as the dollar weakened.

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[limyeeshin]

Last week, the euro was broadly strengthened after German bond rate rise and some easing movement of Greek issues where the repayment to IMF and maturity redemption on ECB bailout were announced. More, S&P has extended the credit level of Greece that has contributed to strengthening of the euro.
The U.S. on the other side released under-satisfying reports where the business performances were slowed and new home sales fell 6.8% to a seven month low in last month which have brought up concerns on the economic growth of the states. Markit manufacturing PMI slightly ticked up to 53.8 from 53.6 in previous month which was the slowest pace of increasing since 2013. The existing sales and initial jobless claims indexes however showed improvements that has constrained the dollar dropping. Also, the stock indexes showed shrinkage that brought preferences towards safe assets and the announcement of monetary policy decisions have further limited the dollar weakening.
China has released the private sector data on manufacturing activity that was slackened to a 15 month low in July giving fears to raw material exporting countries where China is the world’s largest consumer of raw materials. The raw material exporting countries’ currencies have dropped after the sluggish data release in China.
The New Zealand dollar fell 0.92% after dropping 25bp of rates as well as the Australian dollar falling 1.02% hitting lows of 0.7260 against USD on Friday.
Overall the euro was strengthened by 1.42%, the dollar fell 0.63%, the pound and yen remained calm with very little changes.
Elsewhere, the Brazilian Real fell 5.24% despite the dollar weakening, Russian Ruble fell 2.65% Turkish Lira fell 3.21% and the South African Rand dropped 2.13%
This week, the Euro zone is to release consumer inflation and the unemployment data on Friday. The U.S. is to publish an initial estimate on second quarter GDP growth. The market participants will be monitoring Greece’s negotiation progress towards bailout.
Weekly Events and Forecasts
Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.

Monday, July 27
The U.S. is to release data on durable goods order. The consensus expects 3.1% which is much improved from the previous month’s data of -1.8%. The Boeing’s order largely recovers the data improvement and other sections excluding Boeing’s order are expected to be the similar at 0.5%.
IFO is to release the business climate report in Germany.

Tuesday, July 28
The S&P is to release Case-Shiller housing market index in the U.S. It is expected to remain the same at 0.3% as the previous month.
The U.S. is to report on consumer confidence and is expected to drop to 99.6 from 101.4 in June.

Wednesday, July 29
The Federal Reserve is to publish the monetary decisions and results on FOMC meeting in the U.S.
Also, the U.S. pending home sales data is to be released.
Japan is to release retail sales data.
German is to release GFK consumer confidence data.

Thursday, July 30
The U.S. is to release initial estimate on second quarter GDP growth. Consensus expects it to be improved at +2.90%.
Japan is to release industrial production.
German is to release consumer inflation and employment movement data.
The Australia is to release building approvals and import prices. Also, Reserve Bank of Australia Governor is to speak in Sydney.

Friday, July 31
The U.S. is to report on Chicago PMI, consumer sentiments and employment costs.
New Zealand is to publish business confidence report.
Australia is to release producer price inflation index.
Canada is to publish monthly economic growth report.
Germany is to release retail sales data.
Japan is to publish household spending and inflation figures.

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[limyeeshin]

Solforex Weekly Hot Issues
Thursday July 30, 2015
The U.S. dollar was slightly downward in early trading due to slowdown of housing indexes however the FOMC meeting results have turned the dollar back to strengthening. Federal Reserve released meeting results that showed improved and positive outlook of the employment market as well as the implications for the interest rates hike. Yet, it did not confirm the rates will rise in September and only stated it is nearly balanced.
The statement reaffirmed the raising rates conditions will need further labor market improvement as well as continuing improvement of the economy to be reasonably confident on reaching inflation objective of 2% over the medium term.
The New Zealand dollar fell in Asia early trading after the disappointing figures of building consents that fell 4.1% in June compared to the expected gain of 2.5% after flat approvals in May. NZD lost against USD counterpart traded at 0.6657, fell 0.11%.
The Japanese Yen on the other side was slightly stronger in Asia after an improved industrial output data that rose 0.8% in June preliminary data that is better than the expected increase of 0.3%. JPY changed hands to USD counterpart at 123.92, gaining 0.02%.
The Bank of Japan board member Koji Ishida is to speak in Kyoto following with news conference today.
The Australian dollar slightly went up by 0.03% against USD counterpart at 0.7297. Reserve Bank of Australia Governor is to speak in Sydney today followed by June building approvals data and import and export price index release. The data are expected to fall compared to the previous month’s figures.
The euro fell sharply against the dollar on Wednesday, after the statements of improving employment market in the U.S. that pulls the interest rates hike expectations. EUR/USD traded at 1.0984, fell 0.68%.

Market movements
Overall, the dollar was bullish by 0.35%, the euro was weakened by 0.67%, Japanese yen slid 0.3% and the pound was slightly up by 0.04%.
Emerging currencies were generally bullish. South African Rand was up by 0.09%, Norway Crone strengthened by 0.28%, Brazilian Real up by 0.85% and Russian Ruble was bullish at 2.05%. The Russian Ruble especially had a wider range of increase after the news of stopping foreign currency purchase. Turkish Lira however fell slightly by 0.21%


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[limyeeshin]

August 3rd, 2015 - Solforex Weekly News

The forex market showed fluctuation from the FOMC meeting results and the U.S. employment data. Beginning of last week, the market fell due to concerns on Chinese economy arose from sharp decline in Chinese stock market. Yet, the dollar was weak and the euro was bullish despite the woes however the dollar shortened its weakening as FOMC meeting was due.

The Federal Reserve did not confirm the rates hike in September at the FOMC meeting however there was an indication that there will be a rise in interest rates this year that turned the dollar to strengthen. The GDP growth rate was below the expectation but the GDP deflator showed +2.0% growth rates which exceeded the estimates.

The employment cost index released on Friday however was much below the expectation at +0.2% which limited the dollar strengthening. The U.S. labor market seemed to be stabilized but the sluggish data showing that the employment quality was not greatly improved, eased the rates hike expectations.

In Australia, the AIC manufacturing survey jumped 6.2 points to 50.4 in July which is the first improvement since May 2014. The Australian dollar slightly recovered from its losses on Friday however it fell despite the expansion in the survey as the inflation outlook is yet restrained and the manufacturing survey in China is to be released and the Australian economy is largely dependent on exports to China.

In New Zealand, the ANZ Business Confidence index fell down to -15.3 in July which is worse than -2.3 in June. The New Zealand dollar fell against the U.S. counterpart at 0.6535, the pair’s weakest since July 20. The NZD was compelled by the deep cut in commodity prices and drop in Chinese stock market.

The pound moved higher against the U.S. dollar after the sluggish wage data in the U.S. that pushed back expectations of the rate hike. GBP/USD hit 1.5678 immediately following the report, up 0.17% for the day and up 0.37% for the month.

Overall, the dollar was strengthened 0.09%, the euro went up slightly by 0.05% and the Yen fell 0.11%. The oil price drop impacted Russian Ruble which fell 5.61% and the exchange rate goods Brazilian Real was weakened by 1.97%. Turkish Rira fell 1.22% and Swiss franc gained 0.23% against the greenback.

This week, investors will be attentive to the latest U.S. employment report and the manufacturing and service data from the U.S., China, and the U.K.

Weekly Events and Forecasts
Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.

Monday, August 3
The U.S. is to release data on individual income and expenditure and ISM manufacturing index. The U.S. PCE growth rate is expected to stay unchanged, however if it is well improved, it might strengthen the dollar with prodded rate hike expectation.
The U.K is to release manufacturing index and is expected to be improved at 51.6 from 51.4 in previous month.

Tuesday, August 4
The Australia is to hold monetary policy meeting. Last meeting discussed the rate cut that may be discussed further in this meeting.
Also, there will be retail sales and trade balance data released in Australia.
The U.K is to release construction index.
The U.S. is to release factory orders data.
Eurozone is to publish producer price index.

Wednesday, August 5
The U.S. is to release trade balance. Last month’s data showed -0.8% export and -0.1% import compared to its previous month.
China, Germany, the U.K and the U.S. are to release PMI service sector.

Thursday, August 6
The Australia is to release unemployment rates. Estimated rate is 6.1% from the previous month’s rate of 6.0%.
The Bank of England is to hold monetary policy meeting in the U.K. Recently, the U.K. is discussing on the rate hike and traders will be attentive to released minutes of this meeting.
The U.K. is to release industrial production report.

Friday, August 7
Market participants will be attentive to the latest employment report release in the U.S.
The U.S. government is to release report on nonfarm payrolls and currently market expects the hourly labor rate to grow by +0.2%.
The U.S. is to release consumer sentiment index.
The Australia is to release the RBA meeting minutes
The Bank of Japan is to hold monetary policy meeting.
Germany is to release industrial production and trade balance data.

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[limyeeshin]

Thursday August 6, 2015

Solforex Weekly Hot Issues​

The U.S. dollar was slightly weakened after Federal Reserve Governor Jerome Powell interviewed on Wednesday stating there is no confirmation of rate hike in September. The ADP employment report fell to 185,000 in July from 239,000 in June, much below expectation level of 210,000 and also stock market profit-takings brought more weakening to the dollar in early trading. However the ISM non-manufacturing index rose to 60.3 which was way above the expected range of 55.0 to 57.5 that turned the dollar to regaining spurring rate hike. Later, the stock shares fall on profit takings gave slight bearish movement to the dollar.
Trade balance in the U.S. showed the decreased in exports by -0.1% and increase in imports by +1.2%. The loss range was increased however actual loss was shortened compared to same quarter of previous year.
In Australia, the employment data showed sharp increase in jobs with 38,500 gains beating its expectations and the participation rate rose to 65.1% from 64.8%. However, the unemployment rate also jumped to 6.3% from 6.0% showing mixed picture in the report. The Australian dollar was weakened after the report release. AUD/USD traded at 0.7344.
The pound rose to two week highs against the euro on Wednesday with the spurs of rate hikes from grown expectations of U.S rates increase in September. The pound gained 0.43% against the euro counterpart on Tuesday followed by GBP.USD up 0.30% to 1.5609.
Overall, the dollar was weakened by 0.04%, the euro was strengthened by 0.22%, Japanese yen gained 0.40% and the pound was strengthened by 0.26%.

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[limyeeshin]

Edition 16｜August 10, 2015​

The forex market showed some fluctuation with the U.S. rate hike issues giving slight strengthening to the dollar. In early trading, the greenback showed bullish movements after S&P’s announcement of dropping EU’s credit level. Despite the slowdown in U.S. economic indexes, the dollar gained against other major currencies and strengthening was supported by the statement from Atlanta Fed president Dennis Lockhart that September is appropriate time for the rates to rise.

Federal Reserve Governor Jerome Powell however mentioned there is no confirmation on rate hike in September, mitigating the dollar strengthening. Followed by, disappointing figures of ADP employment report that fell to 185,000 in July from 239,000 in June, lower than expected level of 210,000, led the dollar weakened. Later the week, non-farm payroll data was improved with consistent employment growth that led dollar to change hand however stock market profit-takings brought slight weakening to the dollar on Friday.

The pound traded slightly lower against the dollar on Friday with spurred expectation of the rate hike after a solid U.S. jobs report. Sterling showed slight weakening after minutes of Bank of England meeting in August that only one member has voted in the favor of rate hike this month. GBP/USD slid 0.15% at 1.5487 in late trade and EUR/GBP gained 0.55% at 0.7079 late Thursday.

The New Zealand dollar gained against U.S. counterpart on Friday after mitigated expectations of U.S. rate hike in September. The NZ employment report on Wednesday showed that the people in labor increased by 0.3% in the second quarter lower than its expectation of 0.5% rise. The unemployment rate also ticked up to 5.9%. However, after the easement of rate hike expectation, NZD/USD hit 0.6638 on Friday, up 1.31% for the day.

In Australia, the AUD jumped 1% against U.S. counterpart on Friday at 0.7418 after U.S. labor report that showed figures below expectations.

Overall, the USD was strengthened by 0.23%, the euro fell 0.20%, the yen fell 0.23%, AUD gained 1.56% and NZD gained 1.31%. The oil price drop led Russian ruble weakened by 3.72% and Brazilian real weakened 2.49%.

Weekly Events and Forecasts​

Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.

Monday, August 10
The U.S. is to release Labor Market Condition Index. The labor report on Friday showed solid data that strengthened the dollar, and the consensus shows LMCI is also expected to be improved which could spur rate hike and oil price drop.
Also, the Federal Reserve Governors Stanley Fischer and Dennis Lockhart are to speak.
Japan is to publish current account and release minutes of BOJ monetary policy meeting.

Tuesday, August 11
The Eurozone is to release the ZEW economic sentiment in Germany.
The U.S. is to release preliminary data on labor costs.
Australia is to release private sector data on business confidence.

Wednesday, August 12
The U.S. is to release job openings and labor turnover survey.
China is to release industrial production and retail sales. The industrial production is expected to be slightly shrunk and retail sales are expected to be remained as previous month’s data.
The New York Fed president William Dudley is to speak in the U.S.
Japan is to release industrial production and release minutes of BOJ monetary policy meeting.
In Australia, the vice chair of RBA, Lowe is to speak.

Thursday, August 13
The U.S. is to release retail sales data. The consensus expects it will improve to +0.5% from the previous month’s drop of -0.3%.
Japan is to publish core machinery orders.
Switzerland is to release producer price inflation data.
Canada is to release new house price inflation data.

Friday, August 14
New Zealand is to release retail sales data.
The U.S. is to publish industrial production and consumer sentiment index.
In Eurozone, the preliminary data of GDP growth is to be released.
Canada is to publish manufacturing sales data.

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[limyeeshin]

Thursday August 13, 2015​

Solforex Weekly Hot Issues​

The U.S. dollar was weakened after some easement in rate hike issues with impacts from recent sharp depreciation in Chinese yuan. The yuan drop has limited the imports in China as well as affected the exportations in regards to the price drop in goods. Likewise, the price drop spurred the ‘low’ inflation growth and that has affected the market globally.

The U.S. labor market seemed to have improved. However, the concerns for low inflation gives pressure to the Federal Reserve which infers to investors that there may be a delay in the rising rates from September to December. Thus the dollar fell below 96 on Wednesday which is one-month lows against other major currencies.

Yet, the Fed New York president Dudley has announced that despite the yuan depreciation, the rate hike is likely to continue on Wednesday that has shortened the dollar weakening.

In the Eurozone, Greece has agreed on the 86 billion euro bailout framework that includes pension and spending cuts and reduction in benefits. The Greece is to hold the emergent meeting on Thursday night to discuss such provisions. If it is ratified in the session, the deal could be made in time before the due of the 3.2 billion euro repayment to the ECB on August 20.

The Australian dollar rose in Asia after the yuan’s depreciation seemed have mitigated on Thursday in China which Australia has deep trade relationship with. The PBOC has announced its new central parity fixing method that has set the yuan central parity at 6.4010 on Thursday after 1.1% down on Wednesday’s devaluation. AUD/USD rose 0.17% to 0.7390.

Overall, the dollar was weakened by 1.00%, the euro was strengthened by 1.06%, the yen gained 0.74% and the pound went up 0.25%.


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[limyeeshin]

Edition 17｜August 17, 2015​

The U.S. dollar was strengthened back after an improved economic indexes released. The industrial production data showed well grown figures from the automotive and parts sector. Producer prices were greatly improved in July followed with three months consecutive enhancement. Also, the factory output was sharply increased, the fastest growth in eight months. The U.S. consumer confidence slightly fell however, other positive industrial data have added strengthening to the dollar.

Before the early trading, the dollar was weak after the Greece bailout program has been passed in the Eurozone. In early trading, it went more bearish after China‘s sudden devaluation of the yuan. The index strength against other currencies therefore has declined by 1.12%, despite the bullish attitude at the late trading.

In China, The People’s Bank of China described the devaluation as a one-off thing however the uncertainty on global inflation due to yuan depreciation has grown the investors’ expectations that U.S. Federal Reserve might hold the rates longer.

In the euro zone, the euro was strengthened after Greek Parliament’s approval for conditions of bailout program. However, the preliminary data for economic growth were slowed to 0.3% in Q2 that has weakened the euro in later trading.

The Japanese yen fell in Asia after the preliminary data of second quarter economic growth showed 0.4% decrease this morning. Notwithstanding, it was still better than the expected drop of 0.5% and also showed better pace of decreasing by 1.6% from the expected decline of 1.8%. The yen changed hands with its U.S. counterpart, fell slightly by 0.04%.

Overall, the dollar was strengthened by 0.11%, the euro fell 0.38%, the yen was strengthened by 0.09% and the pound gained 0.21%.

Weekly Events and Forecasts
Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.

Monday, August 17
The U.S. is to release a report on New York state manufacturing activity.
Also, the housing market is to be released in the U.S.
The Eurozone is to release trade balance.
Switzerland is to release retail sales data.

Tuesday, August 18
The U.S. is to release building permits and housing starts index.
In Australia, the Reserve Bank of Australia is to publish the minutes of the recent monetary policy meeting.
The U.K. is to publish consumer price inflation data.
China is to release housing price index for July.

Wednesday, August 19
Japan is to release July’s trade balance.
The U.S. is to release consumer price index.
New Zealand is to report on inflation expectations.

Thursday, August 20
The U.S. is to publish minutes on FOMC meeting and release the current home sales data.
Also, there will be speeches from California Fed president, John Williams and Minneapolis Fed President, Narayana Kocherlakota in the U.S.
The U.K. is to release data on retail sales.
Canada is to release data on wholesale sales.
Bank of Japan is to publish its bench mark interest rate and rate statement.

Friday, August 21
China is to release preliminary data on manufacturing activity.
The Eurozone is to release Markit survey on manufacturing and service activities.
Also, there will be consumer sentiment data release in the Eurozone.
The U.S. is to release data on public sector net borrowing.

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[limyeeshin]

Thursday August 20, 2015

Solforex Weekly Hot Issues​

The euro was strengthened after German Parliament passed the Greece bailout program with overwhelming votes in favor. The default woes have been eased and thus the euro went bullish giving impacts to the dollar weakening.

The U.S. consumer inflation was 0.1%, lower than its expectation of 0.2%. Despite six months consecutive growth, the growth became blunt due to the energy price drop.

The dollar did not show much fluctuation in prior to the FOMC meeting minutes but weakened further after the minutes have been published as the rate hike in September did not seem to be easy. There were many statements implying that the economy is improving however not as certain to increase the rates in September. Thus the dovish statements in minutes have increased the dollar’s bearish range.

The Japanese yen was slightly weaker on Thursday as markets still focusing on the yuan after U.S. FOMC minute release and its disappointing CPI. The Federal Reserve meeting emphasized concerns of global economy’s current state which makes it unclear for the rate hike next month. USD/JPY changed hands at 123.92, up 0.09% while AUD fell 0.01% to its U.S. counterpart.

The British pound remained supported on rate hike expectations that an inflation rise will prompt Bank of England to raise interest rates in September. UK inflation is still below the BOE target of 2%, however the inflation figure in July was better than expectation after having negative inflation fall in April. Sterling was up 0.12% against U.S. dollar and was steady over one-week highs against the euro at 0.7045.

Overall, the dollar was weakened by 0.61%, the euro gained 0.90%, Japanese yen gained 0.49% and the pound went higher by 0.13%.

Today, 20th of Aug, Japan is going to release BOJ meeting minutes, Germany is to release producer price inflation, UK is to publish retail sales data and the U.S. is to release initial jobless claim and current home sales.



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