Market Comment

The big news today is word from China that it has let its Yuan trade more freely in the open markets, which could cause it to rise against the US Dollar. This is very significant and can have an adverse effect on interest rates, and has sent the Bond markets lower this morning.

There are no economic reports today, but it will be an active news week. We have the 2-day Fed Meeting, which begins tomorrow and offers the rate policy decision and statement on Wednesday at 2:15pm ET. Housing numbers Tuesday and Wednesday, followed by the last reading on 1st Quarter Gross Domestic Product on Friday.

I will continue to recommend a Locking bias, as the ceiling of resistance and the news out of China has prompted investors to take profits in the Bond markets

Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112

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