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US new home sales misses with 458K – Dollar down

It’s not the dollar’s day: new home sales missed with 458K (annualized) and pending home sales dropped 1.1% instead of rising 0.9% as predicted. In addition, September’s new home sales were revised down from 467K to 455K.

The dollar is down, with EUR/USD crossing 1.25, USD/JPY is below 117.50 and makes another attempt at 1.58. Also other currencies are moving higher against the greenback.

New home sales were expected to advance to 471K (annualized) in October, after 467K in September (before revisions). Sales of new homes trigger a wide range of economic activity. Pending home sales expected to rise by 0.9% after 0.3% beforehand.

The dollar was lower, due to somewhat underwhelming figures beforehand. EUR/USD traded just under 1.25, GBP/USD at 1.5780 and USD/JPY at 117.70.

Here is the preview: trading the US new home sales with USD/JPY.

The Chicago PMI released a few minutes earlier missed expectations with a score of 60.8 points versus 63 expected and a super strong 66.8  points last month.

Also the revised figure for US consumer sentiment by the University of Michigan fell short with 88.8 points, worse than 89.4 initially reported and 90.2 expected.

The US is releasing more figures than usual today due to the Thanksgiving holiday. Durable goods orders were mixed, with a beat on the headline and a miss on core. Jobless claims badly disappointed with a jump above 300K and the Core PCE Price Index advanced to 1.6%.

Happy Thanksgiving to all American readers, and markets keep on rolling for all the rest.

More:  EUR/USD: Sell At 21d MA; USD/JPY: Buy At Key Support – Credit Suisse


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.