Increasing number of Fed officials support rate hike

Sales of newly constructed dwellings fell in July, data from Australia's Housing industry association showed on Monday. The HIA's new home sales data fell to a seasonally adjusted 9.70% on a month over month basis reversing the 8.20% increase recorded in June. New home construction was one of the primary drivers of the Australia GDP but has come under pressure as the business cycle is expected to take a downturn. Low interest rate from the Reserve Bank of Australia has helped many first time buyers, but the effects seem to be waning as far as new home sales are concerned. In the short, outlook for new homes in Australia remains healthy for most of 2016 but is expected to slide next year.

Personal income and spending in the US increased in July matching estimates. Data from the US commerce department showed on Monday that personal income increased 0.40% in July, extending from the 0.30% increase in June. Personal spending increased 0.30% in the same period, but was slower than the 0.50% increase in June, but the data matched economic expectations. Real spending adjusted for price changes increased 0.30% on the month. The personal consumption expenditure slowed to 0.80% in July down from 0.90% on a yearly basis but core PCE increased 1.60%, beating estimates of 1.50%, rising at the same pace as the month before.