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Pending Home Sales Surprisingly High – Dollar Mixed

Pending Home Sales  in the USA rose by 6.3%. Early expectations were for an unchanged figure. This surprising figure currently doesn’t help the dollar, that was already losing ground during the day, especially in the half hour before this publication. It seems that traders were expecting bad news, and were really surprised.

Pending Home Sales, an important economic indicator for the economy fell again, after falling last months. This is a really good news to the state of the American economy after loads of bad data.

Earlier today, the US dollar lost ground across the board, especially against the Euro and the Swiss Franc. The most notable gain was for the Australian dollar, following the widely expected interest cut this morning. AUD/USD now trades at 0.6428.

I wonder if this surprise will continue to cause confusion, or change today’s trend towards strengthening of the dollar, or that this data will be totally ignored.

It’s hard to tell. Any ideas?

Update 15:15 GMT – Data is totally ignored – EUR/USD is touching the 1.30 mark again.

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.