Financial Review for The Week of June 21st by Pitguru


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Back to the financial market, just see if there is any change from Financial Review by Pitguru:

"China announced that it would let the Yuan rise against the dollar. This will allow other countries such as the U.S. to sell products to China at more competitive prices. China has been accused of keeping the price of the Yuan down so that it can sell its products at lower prices. Presently this is good news for the U.S. but one should look at the silver lining. Are the Chinese doing this because they see bubbles forming in different places? Is the fact that they are making banks hold larger reserves show that their housing bubble is forming? Or how about that they are making new home buyers put down 30% instead of 20%.

Today, Existing Home Sales are expected to be around 6.10M. Wednesday, New Home Sales are expected to come in at 430k while the forecast shows a possible 450k number. Also, the rates are expected to rise 0.25% which may indirectly raise lending and mortgage rates to small businesses and new home owners. The 24th, Initial Jobless Claims are expected to be 460k which would be lower than the 472k at the last announcement. On the 25th a GDP estimate will be announced and is forecasted to be 3.0%.

The DOW and S&P are up in premarket trading on China’s announcement. The DOW is up 90 points to 10484 and the S&P is up 13.50 to 1123. The U.S. Dollar slipped on China’s news and is down to 85.679 but is in a relatively strong position. The Euro is still trying to fight and has not moved as drastically as expected to 1.15 as most economists forecast. This does not mean it will not sell off. Currently the Euro is trading at 1.2378."
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