Rabobank's analysts say the U.S. existing home sales will be scrutinized for any warning signals that perhaps buyers have turned more cautious.

• “With the Fed cutting rates, lower mortgage rates should support demand. That said, demand could be restrained by rising economic uncertainty caused by the ongoing trade war.
• Also, if a house buyer has a particularly strong conviction that the Fed is likely to lower interest rates further, he/she may postpone the house purchase to benefit from even lower mortgage rates. The consensus expectation is for a modest 0.7% m/m fall to 5.45mn in September following two months of strong prints.”