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US pending home sales -0.8% – USD shrugs it off

US pending home sales disappointed with a drop of 0.8%. They were expected to remain flat in February after a minor rise of 0.1% in January. Changes in this figure are usually larger. Year over year, sales plunged 9% last month and no less than 10.5% this time. Given previous volatility in this figure, the miss is not that huge.

The dollar was somewhat retreating towards the publication. EUR/USD traded around 1.3670, GBP/USD was at 1.6625 and USD/JPY around 102.15. — more coming. The US dollar is slightly lower in the aftermath.

Earlier, US data surprised to the upside: weekly jobless claims dropped to 311K and while US Q4 2013 GDP was revised only to 2.6% instead of 2.7%, but the components seem better than reported beforehand.

There is little to indicate that the Fed will not taper once again in its April meeting. More: 5 most predictable currency pairs

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.