FTMO has released its analysis of the latest economic indicators from the United States, providing a comprehensive overview that traders should consider when navigating the current market landscape. Among the significant findings, new home sales in September showed a notable increase of 4.1%, surpassing forecasts which anticipated a modest rise of 0.6%. This statistic indicates a recovery in the housing sector, with actual sales reaching 738,000, compared to the forecast of 719,000.
In contrast, existing home sales experienced a decline of 1.0% to a seasonally adjusted annual rate of 3.84 million, lower than the expected 3.88 million. Furthermore, the construction sector exhibited challenges, as building permits decreased by 3.1%, falling short of the anticipated drop of 2.9% and marking a significant downward revision from previous figures.
FTMO also took note of the S&P Global Manufacturing PMI Flash for October, which recorded a slight improvement at 47.8, exceeding expectations of 47.5. On the services side, the PMI Flash indicated a robust performance at 55.3, higher than the forecasted 55.0. The composite PMI also indicated strengthened activity with a reading of 54.3, surpassing the expected figure of 53.8.
Jobless claims were recorded at 227,000 for the week ending October 19, significantly lower than the forecast of 243,000. This positive employment data may provide support against the backdrop of mixed news from the housing sector. The volatility highlighted through these economic indicators is a reminder to traders about the importance of adhering to their trading plans, as emphasized by FTMO traders in recent discussions. They noted that maintaining focus in the face of market challenges is essential, encouraging traders to stay prepared for opportunities despite emotional hurdles.