Global Events Calendar [21-07-2008] - [25-07-2008]

*Time displayed is based on Singapore Time (GMT+8:00).
**ForexNewsPaper.blogspot.com accepts no responsibility for the accuracy of information.

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Global Events Calendar [21-07-2008] - [25-07-2008]
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Monday [21-07-2008]
6:45am--------------NZD Visitor Arrivals m/m
[Whole Day Event]---JPY Holiday: Marine Day
7:01am--------------GBP Rightmove House Price Index m/m
9:30am--------------AUD PPI q/q
9:30am--------------AUD New Motor Vehicle Sales m/m
11:00am-------------NZD Credit Card Spending y/y
3:15pm--------------CHF PPI m/m
10:00pm-------------USD Leading Index m/m

Tuesday [22-07-2008]
7:50am---JPY All Industries Activity Index m/m
2:15pm---CHF Trade Balance
4:45pm---GBP BOE Governor King Speaks
8:10pm---USD Treasury Sec Paulson Speaks
8:30pm---CAD Core Retail Sales m/m
8:30pm---CAD Retail Sales m/m
8:30pm---USD FOMC Member Plosser Speaks
10:00pm--USD House Price Index m/m
10:00pm--USD Richmond Manufacturing Index

Wednesday [23-07-2008]
9:30am---AUD CPI q/q
9:30am---AUD Trimmed Mean CPI q/q
2:45pm---EUR French Consumer Spending m/m
4:00pm---EUR Italian Retail Sales m/m
4:30pm---GBP MPC Meeting Minutes
4:30pm---GBP BBA Mortgage Approvals
5:00pm---EUR Industrial New Orders m/m
6:00pm---GBP CBI Industrial Trends Orders
7:00pm---CAD Core CPI m/m
7:00pm---CAD CPI m/m
10:35pm--USD Crude Oil Inventories

Thursday [24-07-2008]
2:00am---USD Beige Book
5:00am---NZD Monetary Policy Statement
5:00am---NZD Official Cash Rate
7:50am---JPY Trade Balance
3:00pm---EUR French Manufacturing PMI (p)
3:00pm---EUR French Services PMI (p)
3:30pm---EUR German Manufacturing PMI (p)
3:30pm---EUR German Services PMI (p)
4:00pm---EUR German Ifo Business Climate Index
4:00pm---EUR German Ifo Business Expectations Index
4:00pm---EUR Manufacturing PMI (p)
4:00pm---EUR Current Account
4:00pm---EUR Services PMI (p)
4:30pm---GBP Retail Sales m/m
8:30pm---USD Unemployment Claims
10:00pm--USD Existing Home Sales
10:00pm--USD FOMC Member Geithner Speaks
10:35pm--USD Natural Gas Storage

Friday [25-07-2008]
1:00am---GBP MPC Member Bean Speaks
7:30am---JPY Tokyo Core CPI y/y
7:30am---JPY National Core CPI y/y
7:50am---JPY CSPI y/y
4:00pm---EUR M3 Money Supply y/y
4:30pm---GBP Prelim GDP q/q
4:30pm---GBP Index of Services 3m/3m
8:30pm---USD Core Durable Goods Orders m/m
8:30pm---USD Durable Goods Orders m/m
9:55pm---USD Revised UoM Consumer Sentiment
10:00pm--USD New Home Sales
--------------------------------------------------------------------------------

Fortune Teller Game Cancelled

Dear Commenciante Brothers, the fortune teller game shall not continue as there are not enough fortune tellers available. Most of them are busy making money. =D

Trade Safely
J

Global Events Calendar [30-06-2008] - [04-07-2008]

*Time displayed is based on Singapore Time (+08:00GMT).
**ForexNewsPaper.blogspot.com accepts no responsibility for the accuracy of information.

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Global Events Calendar [30-06-2008] - [04-07-2008]
--------------------------------------------------------------------------------

Monday [30-06-2008]
6:45am---NZD Building Consents m/m
7:01am---GBP Consumer Confidence
7:15am---JPY Manufacturing PMI
8:30am---AUD TDMI Inflation Gauge m/m
9:30am---AUD Private Sector Credit m/m
11:00am--NZD Business Confidence
1:00pm---JPY Housing Starts y/y
4:30pm---GBP Index of Services 3m/3m
4:30pm---GBP Mortgage Approvals
4:30pm---GBP Net Lending to Individuals m/m
5:00pm---EUR CPI Flash Estimate y/y
5:00pm---EUR Italian Prelim CPI m/m
8:30pm---CAD GDP m/m
9:45pm---USD Chicago PMI

Tuesday [01-07-2008]
7:30am--------------AUD Manufacturing PMI
7:50am--------------JPY Tankan Large Manufacturers Index
7:50am--------------JPY Tankan Large Non-Manufacturers Index
9:30am--------------JPY Average Cash Earnings y/y
12:30pm-------------AUD Cash Rate
12:30pm-------------AUD RBA Rate Statement
2:00pm--------------EUR German Retail Sales m/m
2:00pm--------------GBP Nationwide House Prices m/m
2:30pm--------------AUD Index of Commodity Prices y/y
3:30pm--------------CHF SVME PMI
3:55pm--------------EUR German Unemployment Change
4:00pm--------------EUR Manufacturing PMI (r)
4:30pm--------------GBP Manufacturing PMI
5:00pm--------------EUR Unemployment Rate
[Whole Day Event]---CAD Holiday: Canada Day
10:00pm-------------USD ISM Manufacturing Index
10:00pm-------------USD ISM Manufacturing Prices
10:00pm-------------USD Construction Spending m/m

Wednesday [02-07-2008]
[Time Unknown]---USD Domestic Vehicle Sales
7:50am-----------JPY Monetary Base y/y
9:30am-----------AUD Building Approvals m/m
9:30am-----------AUD Retail Sales m/m
3:15pm-----------EUR ECB President Trichet Speaks
4:30pm-----------GBP Construction PMI
4:30pm-----------GBP Housing Equity Withdrawal q/q
5:00pm-----------EUR PPI m/m
7:30pm-----------USD Challenger Job Cuts y/y
8:15pm-----------USD ADP Nonfarm Employment Change
10:00pm----------USD Factory Orders m/m
10:30pm----------USD Crude Oil Inventories
11:00pm----------USD Treasury Sec Paulson Speaks

Thursday [03-07-2008]
12:00am----------USD FOMC Member Mishkin Speaks
7:30am-----------AUD Services PMI
9:30am-----------AUD Trade Balance
11:00am----------NZD ANZ Commodity Price Index
1:45pm-----------CHF CPI m/m
[Time Unknown]---GBP Halifax HPI m/m
4:00pm-----------EUR Services PMI (p)
4:30pm-----------GBP Services PMI
4:30pm-----------GBP Credit Conditions Survey
5:00pm-----------CHF SNB Monetary Policy Report
5:00pm-----------EUR Retail Sales m/m
7:45pm-----------EUR Minimum Bid Rate
8:30pm-----------EUR ECB Press Conference
8:30pm-----------USD Nonfarm Employment Change
8:30pm-----------USD Unemployment Rate
8:30pm-----------USD Average Hourly Earnings m/m
8:30pm-----------USD Unemployment Claims
10:00pm----------USD ISM Non-Manufacturing Composite
10:30pm----------USD Natural Gas Storage

Friday [04-07-2008]
1:00pm--------------JPY Leading Economic Index
2:45pm--------------EUR French Government Budget Balance
6:00pm--------------EUR German Factory Orders m/m
[Whole Day Event]---USD Holiday: Independence Day

[Additional for the week]
Saturday [05-07-2008]
6:00pm---EUR ECB President Trichet Speaks
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Global Events Calendar [09-06-2008] - [13-06-2008]

*Time displayed is based on Singapore Time (GMT+08:00).
**ForexNewsPaper.blogspot.com accepts no responsibility for the accuracy of information.

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Global Events Calendar [09-06-2008] - [13-06-2008]
--------------------------------------------------------------------------------

Monday [09-06-2008]
7:50am---JPY M2+CD Money Supply y/y
1:00pm---JPY Leading Index m/m
1:45pm---CHF Unemployment Rate
2:00pm---EUR German Trade Balance
3:00pm---JPY Economy Watchers Current Index
4:30pm---EUR Sentix Investor Confidence
4:30pm---GBP PPI Input m/m
4:30pm---GBP PPI Output m/m
8:15pm---CAD Housing Starts
10:00pm--CHF SNB Chairman Roth Speaks
10:00pm--USD Pending Home Sales m/m

Tuesday [10-06-2008]
12:15am--USD New York Fed President Geithner Speaks
12:30am--EUR ECB President Trichet Speaks
7:01am---GBP RICS House Price Balance
7:01am---GBP BRC Retail Sales Monitor y/y
7:50am---JPY Core Machinery Orders m/m
8:15am---USD Fed Chairman Bernanke Speaks
9:30am---AUD Home Loans m/m
9:30am---AUD NAB Business Confidence
2:00pm---EUR German WPI m/m
2:00pm---JPY Machine Tool Orders y/y
2:45pm---EUR French Industrial Production m/m
4:00pm---EUR Italian Industrial Production m/m
4:30pm---GBP Industrial Production m/m
4:30pm---GBP Manufacturing Production m/m
4:30pm---GBP DCLG House Price Index y/y
7:00pm---GBP BOE Governor King Speaks
8:00pm---USD Dallas Fed President Fisher Speaks
8:30pm---CAD Trade Balance
8:30pm---USD Trade Balance
9:00pm---CAD BOC Rate Statement
9:00pm---CAD Overnight Rate
10:00pm--USD IBD/TIPP Economic Optimism

Wednesday [11-06-2008]
6:45am---NZD Merchandise Terms of Trade q/q
7:01am---GBP NIESR GDP Estimate
7:50am---JPY Final GDP q/q
7:50am---JPY CGPI y/y
7:50am---JPY Current Account
7:50am---JPY Final GDP Price Index y/y
8:30am---AUD WMI Consumer Sentiment m/m
2:45pm---EUR French CPI m/m
4:30pm---GBP Claimant Count Change
4:30pm---GBP Average Earnings Index +Bonus q/y
4:30pm---GBP Trade Balance
4:30pm---GBP Unemployment Rate
8:30pm---CAD Industrial Capacity Utilization Rate
8:30pm---CAD New Housing Price Index m/m
10:35pm--USD Crude Oil Inventories
11:30pm--USD FOMC Member Kohn Speaks

Thursday [12-06-2008]
12:15am--USD Fed Governor Kroszner Speaks
2:00am---USD Beige Book
6:45am---NZD FPI m/m
8:00am---NZD Performance of Manufacturing Index
9:30am---AUD Employment Change
9:30am---AUD Unemployment Rate
2:45pm---EUR French Final Employment Change q/q
4:30pm---GBP BOE Inflation Attitudes
5:00pm---EUR ECB Bulletin
5:00pm---EUR Industrial Production m/m
6:00pm---CHF SNB Board Member Jordan Speaks
8:30pm---USD Core Retail Sales m/m
8:30pm---USD Retail Sales m/m
8:30pm---USD Import Price Index m/m
8:30pm---USD Unemployment Claims
10:00pm--USD Business Inventories m/m
10:35pm--USD Natural Gas Storage
11:30pm--USD Fed Chairman Bernanke Speaks

Friday [13-06-2008]
6:45am----------NZD Core Retail Sales m/m
6:45am----------NZD Retail Sales m/m
[Time Unknown]--JPY Overnight Call Rate
11:10am---------AUD RBA Governor Stevens Speaks
12:30pm---------JPY Industrial Production m/m (r)
1:00pm----------JPY Household Confidence
2:00pm----------EUR German CPI m/m (r)
2:00pm----------JPY BOJ Monthly Report
[Time Unknown]--JPY BOJ Press Conference
5:00pm----------EUR Labor Cost Index y/y
6:00pm----------EUR Employment Change q/q
8:30pm----------CAD Manufacturing Shipments m/m
8:30pm----------USD Core CPI m/m
8:30pm----------USD CPI m/m
9:55pm----------USD Prelim Michigan Sentiment
--------------------------------------------------------------------------------

Are YOU a fortune teller?

Hi Commenciante brothers,

A new fortune telling game has started! Easy to play and win great prizes! (well not really great but better then nothing)

Rules:
1) We will be predicting the 4 majors (USDJPY, USDCHF, EURUSD, GBPUSD)
2) All you need to do is to predict whether the following pairs are going to be upclose or downclose for the week.
3) If you include your analysis, points will be doubled.
4) Everyone starts off with 20 points every month. Correct predictions for each pair are worth 1 points each. 1 additional point per pair if analysis is included and prediction is correct.
5) Each wrong prediction or non-entry will result in a deduction of 1 point per pair. Predictions with analysis will not have any deductions.
6) Each entry has to be submitted by every Sunday at 23:59 HRS. Contestents who have a good reason to miss the week (like going off to Japan) shall be waived of the deduction penalty.
7) Scores will be concluded at the end of every month (tentatively) and the winner shall receive a treat from the rest of the contestants during one of our FOMC meeting.
8) To register for this game, please leave your name under the comments. You can quit this game anytime, just leave a comment.

Global Events Calendar [02-06-2008] - [06-06-2008]

*Time displayed is based on Singapore Time (GMT+08:00).
**ForexNewsPaper.blogspot.com accepts no responsibility for the accuracy of information.

Hello everyone,

A few things to take note of this week.

Thursday [05--06-2008]
-(1) GBP will be having their interest rate statement at 7:00pm. They are looking to hold.
-(2) EUR will be having their interest rate statement at 7:45pm. They are also looking to hold.

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Global Events Calendar [02-06-2008] - [06-06-2008]
--------------------------------------------------------------------------------

Monday [02-06-2008]
[Whole Day Event]---Day NZD Holiday: Queen's Birthday
7:30am---AUD Manufacturing PMI
8:30am---AUD TDMI Inflation Gauge m/m
9:30am---AUD Retail Sales m/m
9:30am---AUD Company Gross Operating Profits q/q
9:30am---JPY Average Cash Earnings y/y
1:45pm---CHF GDP q/q
2:30pm---AUD Index of Commodity Prices y/y
3:30pm---CHF SVME PMI
4:00pm---EUR Manufacturing PMI (r)
4:30pm---GBP Manufacturing PMI
4:30pm---GBP Mortgage Approvals
4:30pm---GBP Net Lending to Individuals m/m
9:30pm---EUR ECB President Trichet Speaks
10:00pm--USD ISM Manufacturing Index
10:00pm--USD ISM Manufacturing Prices
10:00pm--USD Construction Spending m/m

Tuesday [03-06-2008]
7:50am-----------JPY Monetary Base y/y
9:30am-----------AUD Building Approvals m/m
9:30am-----------AUD Current Account
12:30pm----------AUD RBA Rate Statement
12:30pm----------AUD Cash Rate
1:45pm-----------CHF CPI m/m
[Time Unknown]---GBP Halifax House Price Index m/m
4:30pm-----------GBP Construction PMI
5:00pm-----------EUR PPI m/m
5:00pm-----------EUR Revised GDP q/q
9:00pm-----------EUR ECB President Trichet Speaks
9:00pm-----------JPY BOJ Governor Shirakawa Speaks
9:00pm-----------USD Fed Chairman Bernanke Speaks
10:00pm----------USD Factory Orders m/m

Wednesday [04-06-2008]
[Time Unknown]---USD Domestic Vehicle Sales
7:01am-----------GBP Consumer Confidence Index
7:30am-----------AUD Services PMI
7:50am-----------JPY Capital Spending q/q
9:30am-----------AUD GDP q/q
11:00am----------NZD ANZ Commodity Price Index
3:30pm-----------EUR ECB President Trichet Speaks
4:00pm-----------EUR Services PMI (r)
4:30pm-----------GBP Services PMI
5:00pm-----------EUR Retail Sales m/m
5:30pm-----------GBP BRC Shop Price Index y/y
7:30pm-----------USD Challenger Job Cuts y/y
8:15pm-----------USD ADP Nonfarm Employment Change
8:30pm-----------USD Nonfarm Productivity q/q (r)
8:30pm-----------USD Unit Labor Costs q/q (r)
10:00pm----------USD ISM Non-Manufacturing Composite
10:30pm----------USD Crude Oil Inventories

Thursday [05-06-2008]
2:45am-----------USD Fed Chairman Bernanke Speaks
5:00am-----------NZD Monetary Policy Statement
5:00am-----------NZD Official Cash Rate
9:30am-----------AUD Trade Balance
6:00pm-----------EUR German Factory Orders m/m
[Time Unknown]---GBP MPC Rate Statement
7:00pm-----------GBP Official Bank Rate
7:45pm-----------EUR Minimum Bid Rate
8:30pm-----------CAD Building Permits m/m
8:30pm-----------EUR ECB Press Conference
8:30pm-----------USD Unemployment Claims
10:00pm----------CAD Ivey PMI
10:30pm----------USD Natural Gas Storage

Friday [06-06-2008]
12:00am--USD Philadelphia Fed President Plosser Speaks
7:30am---AUD Construction PMI
2:45pm---EUR French Government Budget Balance
2:45pm---EUR French Trade Balance
5:00pm---CHF SNB Board Member Jordan Speaks
6:00pm---EUR German Industrial Production m/m
7:00pm---CAD Employment Change
7:00pm---CAD Unemployment Rate
8:30pm---USD Nonfarm Employment Change
8:30pm---USD Unemployment Rate
8:30pm---USD Average Hourly Earnings m/m
8:45pm---USD Fed Governor Kroszner Speaks
10:00pm--USD Wholesale Inventories m/m

[After Friday's Midnight]
3:00am---USD Consumer Credit m/m
--------------------------------------------------------------------------------

This week's sensitive price for [26-05-2008] - [30-05-2008]...

Hello everyone,

This week's sensitive price are as follow:

1) EUR/USD >>> 1.5714

2) GBP/USD >>> 1.9729

3) EUR/GBP >>> 0.7972

4) USD/JPY >>> 103.43

5) USD/CHF >>> 1.0315

6) EUR/JPY >>> 162.72

7) GBP/JPY >>> 204.45

8) NZD/JPY >>> 80.87

9) AUD/USD >>> 0.9585

10) USD/CAD >>> 0.9890

Peace and trade safely everyone...

USD/CAD - This Week's Technical Opportunity [26-05-2008] - [30-05-2008]

Source: DailyFX.com

The oil ‘crisis’ is dominating financial headlines, business shows, and even congress’ agenda. When the price of a commodity commands this level of publicity, the probability of a sharp reversal is heightened. As a currency trader, one way to speculate on an oil reversal is with the USDCAD. What’s more, risk is well defined.



This is a longer term look at the decline from the 2002 top near 1.60. The drop is in 7 waves (to this point), and could be complete as a double zigzag correction. If this pattern holds, then a multi-year low is in place at .9055 and the USDCAD is headed much higher in the coming months. A word of caution though; there is an alternate bearish pattern that holds just as much weight and allows for a new low (below .9055) before a major low is considered in place. For bulls though, risk is low. We’ll address this in shorter term charts.



The break of a trendline a few weeks ago is worrisome but as long as price is above .9710 (keeping a series of higher lows intact), a bullish argument can be made. A drop below .9710 will either lead to a drop below .9055 (and final low) quickly or complete wave B of a triangle. In the case of the latter, the USDCAD would trade in a range for probably the rest of the year. In summary, a drop below .9710 warrants a bearish bias. Even in the case of the triangle, the pair likely drops into the .9300 area to complete wave B.



This is the chart that we have been showing in the technicals for some time and illustrates why we have favored the bull side. We are treating the advance from .9710 to 1.0324 as wave 1 (probably of a larger C wave) of a bull cycle. The slow drop from 1.0324 has all the earmarks of a correction; time consuming and consisting of 3 wave movements. The bullish line in the sand is .9710. With price so close to there, reward/risk is heavily skewed in favor of bulls. The minimum objective is above 1.0324.

The U.S. dollar is at key technical levels

Source: Forexnews.com

The economy in the United States stays vulnerable, mostly supported by the international trade. Consolidation, rather than growth, could the be scenario of the next months/years, as the global credit bubble is fading away. The U.S. dollar, in the mean time, reached an important short term top against major currencies.

Consumes to decline further in the U.S.
Lower employment, housing declines and high oil prices might be stronger than the coming fiscal stimulus. Americans are pessimistic about the present and future state of the economy, while inflation is expected to pick up substantially in the coming months. Consequently, consumes should retreat further, although the fiscal package might give a brief boost to sells over the Summer.

The preliminary report of the Reuters/University of Michigan consumer sentiment index slumped 3.1 points to 59.5 (-1.5 expected), the worst numbers in almost thirty years. Retail sales declined 0.2% in April from March’s increase of 0.2%. Consumption has been almost flat so far with motor vehicles and parts showing the largest losses. Excluding the autos component, retail sales moved up 0.5% (+0.2% expected).

In reality, latest housing data was better than expected, but results should be observed over a larger period of time, since starts are down almost 30% compared to one year ago. In April, housing starts jumped 8.2%, the strongest move in more than two years, while permits increased 4.9%. Starts were supported by the construction of multi-family homes, as single-family houses declined to the lowest level in seventeen years.

Manufacturing production fading locally
A weak domestic market is subduing manufacturing production in the United States. In April, industrial production slid 0.7% (-0.3% expected). Capacity utilization declined to the lowest level of the past three years at 79.7%. Manufacturing production is very weak locally and moved down 0.8%, after remaining flat in March and falling 0.7% in February. Motor vehicles and part production slumped more than 8.0%. Finally, business equipment production, an indicator of capital spending, decreased 1.1% versus March’s up move of 0.7%.

Despite the economy clearly moderating, the Federal Reserve should implement a “wait and watch” approach supported by milder inflation data. Starting in June or the subsequent meeting will depend on the coming economic numbers. In April, the Consumer Price Index (CPI) rose only 0.2% month over month and declined 3.9% from 4.% on an annual basis. The core index fell instead to 2.3% from 2.4%.

A strong GDP in Europe. Will it last?
As more current data is producing weaker numbers in Europe, growth has been quite good during the first three months of the year. In the first quarter of 2008, the Euro zone Gross Domestic Product (GDP) showed a 0.7% growth month on month (+0.5% expected), above the previous 0.4%, and 2.2% year on year. Euro zone industrial production declined instead 0.2% month on month (-0.1% expected) in March, versus February’s +0.3%, and is now 2.0% year on year (+2.4% expected).

German and France have been two important assets to the European economy. In fact, in the first quarter of this year, the economy grew 1.5% (+0.7% expected) in Germany compared the 0.3% registered in the last quarter of 2007. Annually, it has been 2.6% (+1.7% expected). In France, growth has been 0.6% month on month (+0.4% expected) and 2.2% year on year (+1.9% expected).

Inflation is ECB’s main target
Economic expansion is expected to decline in the second part of 2008, since many emerging markets should surrender to the global slowdown. However, the European Central Bank (ECB) will not change its policy for now, although inflation receded a bit lately. In fact, Euro zone inflation stays strong at 3.0%, but core inflation declined to 1.6%, the lowest level of the past two years.

In April, German Consumer Price Index (CPI) declined 0.2% month on month, after increasing 0.3% in March, and is 2.4% annually versus 3.1%. German inflation represents almost 30% of the total monetary union inflation rate. In France, the Consumer Price Index (CPI) rose 0.3% in April on the top of March’s 0.8%. Annually, CPI is now 3.0% from 3.2%.

USD/JPY targeting support again

EUR/USD found an important support on the lower Bollinger band at 1.53. The short term trend is neutral. A move above 1.5690 would lift the European currency to 1.5780, 1.5850. A decline below 1.5170 would instead target 1.5050.

GBP/USD rebounded from the important support a 1.9400/1.9500. The next target could eventually be 1.9650, eventually 1.9750. Only a move below 1.9320 would eventually target 1.9250, 1.9160.

USD/JPY continues to consolidate between 106 and 102. The market appears to be targeting again 103.00/102.60. A move below 101.40 could eventually let prices to slip to 100.40, 100.00. A move above 106.30 would instead lift the USD to 107.00.

No Signs Of A Bottom In The US Housing Recession From Existing Sales

Source: Daily FX

The FOMC's remarks that there have been few signs that the housing market has bottomed out were given weight with today's existing home sales report. According to the National Association of Realtors report, purchases of previously owned homes slipped 1.0 percent to a 4.89 million annual pace. For a market driver, this data was better than economists forcasts for a 1.6 percent drop to 4.85 million homes; yet this contraction still marks the ninth contraction for the past year and a new low for records gong back to 1999. Looking into the details of the report, the foundation of the market in single family homes was faring just as badly as the headline number would suggest. Single family home sales slipped 0.5 percent to a 4.34 million clip, while supplies surged to a 10.7 months supply from 9.6 months in March. On the other hand, while sales and inventories extend the recession, the ongoing decline in prices brings the market closer to a buyers market. The median price of sales through the month dropped 8.0 percent from last year, though there was a second consecutive increase on a monthly basis. Going forward, existing home sales will be the bellweather for gauging the eventual turn in the housing market as sales of existing homes will preceed a rebound in price and construction activity.