New Home Sales at an eight-month high

New U.S. single-family home sales surged to an eight-month high in March, pointing to underlying strength in the economy despite an apparent sharp slowdown in growth in the first quarter. The Commerce Department said on Tuesday new home sales jumped 5.8 percent to a seasonally adjusted annual rate of 621,00 units last month, the highest level since July 2016. February's sales pace was revised down to 587,000 units from the previously reported 592,000 units.

CB Consumer Confidence declined to 120.3

The Conference Board Consumer Confidence Index, which had increased in March, declined in April. The Index now stands at 120.3 (1985=100), down from 124.9 in March. The Present Situation Index decreased from 143.9 to 140.6 and the Expectations Index declined from 112.3 last month to 106.7. “Consumer confidence declined in April after increasing sharply over the past two months, but still remains at strong levels,” said Lynn Franco, Director of Economic Indicators at The Conference Board.

USD - Major events in the week ahead

Events that marked the week:

Monday brought Empire State Manufacturing Index figures. Business activity grew at a more subdued pace in New York State, according to firms responding to the April 2017 Empire State Manufacturing Survey. The headline general business conditions index fell eleven points to 5.2. The new orders index, which had climbed to a multiyear high in March, retreated sharply to 7.0, suggesting more modest growth.

Existing Home Sales jumped by 0.4%

Total existing-home sales ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February. March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007 (5.79 million). Lawrence Yun, NAR chief economist, says existing sales roared back in March and were led by hefty gains in the Northeast and Midwest.