Though, there were no data releases from Australia on Tuesday, investors are monitoring developments in China. Despite recent stability in Chinese renminbi, concerns over the outlook for the currency persist across financial markets. The sudden devaluation of the currency in August last year, something many speculate was due to a sharp deceleration in economic growth, rattled financial markets at the time, causing widespread declines in risk assets across the globe.
In the US session CB Consumer Confidence and
Existing Home Sales figures were released. The Conference Board Consumer Confidence Index, which had increased moderately in January, declined in February.
The Index now stands at 92.2, down from 97.8 in January. Analysts were anticipating decrease to 97.0. The Present Situation Index declined from 116.6 to 112.1, while the Expectations Index decreased from 85.3 to 78.9 in February. “Consumer confidence decreased in February, after posting a modest gain in January,” said Lynn Franco, Director of
Economic Indicators at The Conference Board.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, inched 0.4 percent to a seasonally adjusted annual rate of 5.47 million in January from a downwardly revised 5.45 million in December. Sales are now 11.0 percent higher than a year ago – the largest year-over-year gain since July 2013 (16.3 percent).
As for tomorrow, Construction Work Done and Wage Price Index data will be published from Australia. Construction Work Done is expected to fall by 2.1%, while Wage Price Index should rise by 0.6%. In the US session New Home Sales figures will be released. Analysts predict decline to 522,000.
Figures to watch:
Construction Work Done (Wednesday 1:30)
Wage Price Index (Wednesday 1:30)
New Home Sales (Wednesday 16:00)
