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US Mortgage Applications Fell


Stock index futures are higher.

Mortgage applications in the U.S. fell 1.4% in the week ended June 2, according to data from the Mortgage Bankers Association. Applications to buy a home declined 1.7% and those to refinance a home loan fell 0.7%.

The 2:00 central time April consumer credit report is expected to show a $21.0 billion increase.

Futures continue to overperform the news.


The U.S. dollar index is lower.

German industrial output increased less than expected in April. Production increased 0.3% on the previous month when analysts had anticipated an increase of 0.6%.

U.K. house prices dropped on an annual basis in May for the first time in 11 years, according to mortgage lender Halifax. The average property price fell 1.0% compared with May of last year, which was the first year-on-year decline since December 2012, but was in line with analysts’ forecasts.

Australia’s economy grew at the weakest pace in 1-1/2 years last quarter. Data from the Australian Bureau of Statistics today showed real gross domestic product increased 0.2% in the first quarter, easing from 0.5% growth in the previous quarter and below forecasts of 0.3%.

Annual growth came in at 2.3%, which also missed forecasts for 2.4% expansion.

The Bank of Canada will hold its monetary policy meeting today. Financial futures markets anticipate its key interest rate will remain unchanged at 4.50%, although there is a chance the bank could resume interest rate hikes.


Futures are mixed and remain above major downtrend lines that were broken on the upside early last week.

There are no major Federal Reserve speakers scheduled for today.

Financial futures markets are predicting there is a 77% probability that the Federal Open Market Committee will keep its fed funds rate unchanged at its June 14 policy meeting, and there is a 23% chance of a 25 basis point increase.


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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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