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The National Real Estate Development Council (NAREDCO) has recommended to the ministry of finance that the upper price limit in the definition of affordable housing for metro cities be raised from the current Rs 45 lakh to Rs 1 crore, DNA has reported.

Since land and construction cost come at a premium especially in metros, the council has sought relaxation of the norms by amendments to the Real Estate (regulation and development) Act, 2016.

This imperative amendment would bring more locations and projects under affordable housing, benefiting investors, a NAREDCO spokesperson told the daily.

Confederation of real estate developers' associations of India (CREDAI) has also on its part recommended amendment of RERA in view of soaring property prices.

Currently, to avail credit subsidy benefits for affordable housing, a home must be priced at less than Rs 45 lakh and not exceed 60 sq metre carpet area or about 850 sq ft built-up area, including overall loading.

The affordable housing segment has seen rising demand which has been aided by lower goods and services tax (GST). As per a report by Livemint, this segment has emerged as the sweet spot for both builders and buyers, even in the current slowdown.

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USDCAD TECHNICAL HIGHLIGHTS:

• USDCAD rise marked by grinding price action, may fail
• May fail, but still need to respect channel in the meantime
• Specific levels and lines to watch in the days ahead

USDCAD RISE MARKED BY GRINDING PRICE ACTION, MAY FAIL

The U.S. Dollar has been rallying against the Canadian Dollar since last month, but the rise in USDCAD hasn’t been particularly strong and has slowed even further in recent sessions. Sluggish price action suggests a break to the downside could soon be in the works.

But before jumping the gun on shorts, the near-term upward technical structure still remains in place and needs to be snapped before sellers can start to gain the upper hand. Watch for a break of the lower parallel and a lower-low to unfold under last week’s low at 13184 (4-hr chart). Should this happen then a larger decline could be in store.

The initial target on a breakdown clocks in at the 2012 trend-line and July low (just above 13000), which should be in near confluence at the time price would arrive (daily chart). A decline to that point would be a very important test. Not only is it a long-term trend-line, but a failure to hold could lead to a sharp sell-off similar to 2017 as the grind higher since that year fully gives way to selling (weekly chart).

On the top-side, if the USDCAD can continue to maintain the channel, or at the least maintain its higher-high, higher-low form, then the next major obstacle beyond 13344 is the trend-line running down off the 2016 peak.

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The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.

The U.S. dollar index, against a basket of six major currencies was at 98.05 by 03:01 AM ET (07:01 GMT), not far from the two-week high of 98.20 reached on Friday.

The 10-year U.S. Treasury yield stood at 1.57%, having pulled away from a three-year trough of 1.47% marked last week in the wake of global slowdown fears.

Falling yields last week caused the two-year/10-year Treasury curve to invert for the first since 2007, a phenomenon widely regarded as a recession signal that puts the Federal Reserve interest rate deliberations into focus.

"This week's main event is the Jackson Hole symposium and Fed Chairman (Jerome) Powell's speech," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Powell will deliver a speech on Friday at an annual meeting of central bankers in Jackson Hole, Wyoming.

"What Powell has to say is in focus as the discrepancy remains between what he said on interest rates and what the markets have come to expect the Fed will do," Ishikawa said.

Powell said after the Fed lowered rates in July that the easing was not the start of a series of cuts. But market expectations for the Fed to cut rates by another 25 basis points at the next policy meeting in September have increased.

The euro was steady at 1.1092 while the British pound edged up 0.15% to 1.2166.

The dollar was little changed against the yen at 106.37.

The Chinese yuan was slightly lower after U.S. President Donald Trump said he was not ready yet to make a trade with China.

Traders were also cautious ahead of the debut of China's new benchmark lending rate on Tuesday, which was announced at the weekend.

The People’s Bank of China on Saturday unveiled interest rate reforms to help lower borrowing costs for companies and support slowing growth, which has been hit by the trade war with the U.S.

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The U.S. dollar was flat on Monday in Asia as traders remained cautious ahead of Fed minutes due later this week.

The U.S. dollar index that tracks the greenback against a basket of other currencies was largely unchanged at 98.072 by 12:37 AM ET (04:37 GMT).

All eyes will be on the Federal Reserve this week as traders await fresh insights on how the central bank may respond to growing fears of a recession after the U.S. Treasury yield inverted last week. 

The Fed will publish the minutes of its July meeting on Wednesday, while Fed Chairman Jerome Powell will deliver a speech on Friday. 

Meanwhile, the USD/CNY pair slipped 0.1% to 7.0446. The People’s Bank of China sets the yuan’s reference rate at 7.0365 today, versus 7.0312 on Friday. 

Developments on the Sino-U.S. trade front were in focus. U.S. President Donald Trump insisted their trade war with China did no harm to the U.S. and that the economy is “doing tremendously well.”

“Our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday. The president also reiterated that he is not ready to make a trade deal with China, hinting that he wants to see Beijing deal with the ongoing protests in Hong Kong first. 

“I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.”

Tech giant Huawei was also under the spotlight today as U.S. President Donald Trump said he does not want to do business with the company “at all because it is a national security threat.”

Tech giant Huawei was also under the spotlight today as U.S. President Donald Trump said he does not want to do business with the company “at all because it is a national security threat.”

The Wall Street Journal and Reuters previously reported that the U.S. was preparing to extend a licence that would allow Huawei to buy parts from U.S. companies for 90 days. The current agreement will end today.
“We’ll see what happens. I’m making a decision tomorrow,” Trump said.

The USD/JPY pair was unchanged at 106.36. The safe-haven yen was under pressure earlier today on expectations that policymakers would unleash new stimulus amid slowing global economies.

On Saturday, the People’s Bank of China said it would improve the mechanism used to establish the loan prime rate so it could “use market-based reform methods to help lower real lending rates The AUD/USD pair inched up 0.1% to 0.6783, while the NZD/USD pair slipped 0.1%.

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