Housing market affected by Brexit concerns
- EUR ECB President Draghi Speaks
- GBP Goods Trade Balance: -10.5B
- USD Unemployment Claims: 264K
- CAD BOC Gov Poloz Speaks
The UK housing markets have cooled sharply according to yesterday’s RICS survey. The demand for buying properties in England and Wales has slowed to its lowest level since the 2008 credit crunch crisis. The figures showed that the number of properties on sale in May had declined by 30%. Uncertainty ahead of the EU Referendum and the introduction of additional stamp duty fees in April, has led to a sharp deceleration in demand within the housing market.
Across the pond, the US elections are taking storm. Massachusetts Senator Elizabeth Warren is due to taker her involvement in the presidential race when she joins Vice President Joe Biden on the campaign. Warren is expected to voice harsh criticism of Republican nominee Donald Trump. Both political parties are expected to run negative campaigns leading to what will no doubt be an intense and fierce run up to the vote in November.
- EUR German Buba President Weidmann Speaks
- CAD Employment Change
- CAD Unemployment Rate
- USD Prelim UoM Consumer Sentiment
This week ends with a relatively light economic docket. Germany, the powerhouse of the single currency zone, will release their monthly inflation figure. This is expected to remain sticky at 0.3%. The UK’s Monthly Construction Output is forecast to increase to a positive reading of 1.5% from Aprils -3.6% figure. Lastly, the US will release the first reading for the University of Michigan Sentiment, where the Sentiment figure is forecast to see a slight fall from 94.7 to 94.1.