<ul><li>Prior -2.3%</li><li>Market index 270.1 vs 273.3 prior</li><li>Purchase index 202.8 vs 203.8 prior</li><li>Refinancing index 609.8 vs 627.1 prior</li><li>30-year mortgage rate 5.65% vs 5.45% prior</li></ul><p style=““ class=“text-align-justify“>There was a notable jump in the average rate for home loans in the past week, following the move higher in bond yields as well. But I wouldn’t pin that as the main cause for yet another weekly decline in mortgage activity as the data continues to underscore a deterioration in housing market conditions in general. The trend has been persisting for a while now and eventually, someone on one side of <a target=“_blank“ href=“https://www.forexlive.com/news/the-divergence-of-opinion-on-us-housing-between-markets-and-industry-is-180-degrees-20220816/“ target=“_blank“>this debate</a> has to be right.</p><p>/<a target=“_blank“ href=“https://www.forexlive.com/terms/u/us-dollar/“ target=“_blank“ id=“fddda8f4-d5f8-4ee4-8e34-3760ed062f3c_1″ class=“terms__main-term“>US dollar</a></p>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>The news flow has been light in European morning trade but in the big picture, the focus this week is on Fed chair Powell’s speech at Jackson Hole. There are murmurs of a more hawkish message and we are seeing some positioning flows accompany that now with the greenback nudging higher.</p><p style=““ class=“text-align-justify“>EUR/USD is down 0.5% to 0.9918 and inching towards 0.9900 again while GBP/USD is also down 0.5% to 1.1774 after hovering around 1.1800 earlier in the day. I highlighted the technical considerations for both pairs earlier <a target=“_blank“ href=“https://www.forexlive.com/news/eurusd-downside-bias-remains-intact-awaiting-powell-later-in-the-week-20220824/“ target=“_blank“>here</a> and <a target=“_blank“ href=“https://www.forexlive.com/news/gbpusd-not-down-for-the-count-just-yet-20220824/“ target=“_blank“>here</a> respectively.</p><p style=““ class=“text-align-justify“>Elsewhere, AUD/USD is down 0.5% to 0.6895 while USD/CAD is up 0.3% to near 1.3000 again even as oil prices are seen slightly higher on the day.</p>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>Part of the measures is limits on lighting in public spaces. With some parts of Europe set to face the potential for power rationing or rolling blackouts this coming winter, Germany is actively trying to avoid that but we’ll see if these measures will be enough. In any case, soaring energy prices on its own already won’t be of much comfort. The year-ahead baseload power price in Germany has crossed €600/MWh again today.</p>

This article was written by Justin Low at www.forexlive.com.

<ul><li>It is the end of a certain „carefreeness“ in the world</li><li>We are going through a rather „big shift, a big change“</li><li>“Freedom has a cost“ (referring to the Russia-Ukraine conflict)</li></ul><p style=““ class=“text-align-justify“>The warning delivered is to ministers but in general, he is cautioning that France needs effort and sacrifice to get through the current tough times – especially with a rather harsh winter approaching. As much as the foreshadowing has been well telegraphed, it still feels like Europe as a continent is not too prepared for the months ahead. And that will be a major worry for the euro and the ECB.</p>

This article was written by Justin Low at www.forexlive.com.