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US House Prices Fall 1.9% YoY – Smaller Fall than

The Case-Schiller HPI showed a year over year drop of 1.9% in US house prices. This refers to the top 20 urban areas.

A drop of 2.4% was expected after last month’s 2.7% drop. On a month-over-month basis, prices actually rose by 0.67%, more than double the early expectations of a rise of 0.3%.

USD/JPY and EUR/USD are both rising – a mild “risk on” reaction.

Housing data has been relatively encouraging of late. Building permits rose nicely and so have new home sales. However, existing home sales and housing starts are somewhat flat.

The US housing sector seems to be bottoming out at the moment. This may discourage the Fed in any additional quantitative easing. One of the key concerns of the Federal Reserve was the housing sector.

With long term yields at historic lows and house prices slowly moving up, there’s no reason to act in the near future.

The CB Consumer Confidence figure is next. See how to trade it with USD/JPY.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.