It's housing week in the US and that's probably not a good thing

The third week of the month is always a light one in terms of US economic data Economic Data Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Read this Term and with many Fed officials on vacation, that will be especially true.

Today has some items of interest though, starting with the Empire Fed at the bottom of the hour. The consensus is a dip to +5.0 from +11.1 but recent manufacturing numbers have surprised to the upside.

The main highlights come at 10 am ET with the NAHB home builder sentiment (chart above) and at 10:50 am ET when the Fed's Waller speaks. Waller is a hawk but I think the Fed is comfortable with the recent flexibility and ambiguity in its stance. He will likely continue the line of talking around strict adherence to getting inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term to target but also saying the US can have a soft landing.

In terms of housing, there's a clear slowdown ongoing in the US. I think it flattens out sooner than most expect but the headlines are going to be negative for awhile and this week's numbers cover a rough June/July period.