US existing home sales were solid

United States existing home sales were solid, beating expectations with a print of 5.35mn (est. 5.26mn). That marks a cycle high, and it helps firm up expectations that housing will be a strong contributor to Q2 growth. Keep in mind this sales growth has occurred amid house prices that are rising close to 8%y/y. 

The upcoming US highlights are durable goods and a speech from Fed Governor Powell (voter this year) tonight. 

"For durable goods, aircraft orders should be a major drag on the headline print (RBC: -2.5%m/m, cons: -1.0%), but our economists expect solid details otherwise, and are more optimistic on the ex-transport figure (RBC: 1.0%, cons: 0.5%)",says RBC Capital Markets.

Powell's speech is on monetary policy which could get some attention from markets.