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US pending home sales +6.1% in May, counter Chicago PMI

More good news from the US housing sector: a gain of 6.1% in pending home sales.  Sales were expected to rise by 1.4% in May after 0.5% in April revised up from 0.4%. However, year over year sales are still down: 6.9%.  The Fed has expressed worries about the housing sector, but the recent new and existing home sales numbers have certainly been upbeat.

Earlier, EUR/USD has edged up just above the 1.3650 line, GBP/USD climbed to 1.7050 and USD/JPY traded just below 101.40. The dollar is slightly stronger after the publication.

Earlier, Chicago PMI disappointed with a drop from 65.5 to 62.6 points, below 63.2 expected. It is important to note that these are still the best numbers since early 2011.

Tomorrow we  have a more important release: the ISM manufacturing PMI, which serves as a hint for Thursday’s Non-Farm Payrolls. Yes, this time it’s NFP Thursday due to the 4th of July celebrations on Friday.

See how to trade the ISM Manufacturing PMI 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.