Tax receipts before and since the April 15 deadline have been very healthy, with the running 12-day total (Apr 8 - 23) tax collection up to $565.5B, up $111B from 2024's haul over the equivalent period. This included a large jump in individual tax collection yesterday ($74B).
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Data out Tuesday showed house prices were a little firmer than expected in January per the S&P CoreLogic 20-City measure (0.46% M/M SA, vs 0.40% expected and 0.54% prior), though slightly on the soft side in the FHFA (0.2% vs 0.3% survey, offset by an 0.1pp upside revision to December to 0.5%).
A recent sell-off in EURJPY appears corrective and has allowed an overbought trend condition to unwind. Short-term pivot support to watch is 160.37, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Recent gains resulted in a print above resistance at 164.08, the Jan 24 high. A clear break of this hurdle would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.