It's a rough day in US equities today but the FX market has been steady so far in New York trade.
The highlight on the economic calendar is coming up at the top of the hour: the US home builders' index from the NAHB. It's forecast to remain steady at 84.
There will be an interesting push-pull on US housing in the months ahead if rates continue to rise. Affordability concerns will creep in and that could sap demand. At the same time, rising prices can create their own demand and builders have large backlogs and many US housing markets have very tight inventories.
I'm a strong believer that we're still in the early innings of a bull market in US housing but 30-year yields are up another 4 bps today and a 30-year fixed is around 3.5%.
