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Low Home Sales Send the Dollar Down

The Pending Home Sales showed a fall of 4.0% . This was far worse than a drop of 0.9% that was expected. This sent the dollar down.

The dollar rallied until this announcement against all the major currencies: Euro, Yen and Swiss Franc. Now this trend has been reversed.

The  ISM Non-Manufacturing PMI was surprisingly better than expected, but still weak at 40.6 . The ISM figure was published at exaclty the same time. Also note the monthly  Factory Orders, tumbling down 4.6%.

Later, the dollar got another blow by the bottom line of the FOMC Meeting Minutes: the Federal Reserve wanted to send a strong message: Interest Rates will stay low for a long time.

This exciting week is not even in the middle, and it is already very dramatic for those of you that are trading Forex.

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.