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US Existing Home Sales jump to 5.19 million – USD

Some good US data for Q1: the annualized lvel of  existing home sales rose to 5.19 in March, significantly better than expected. This is also the best number in a year and a half. The previous figure was marginally revised to the upside: 4.89 million.

The US dollar is slightly stronger in the initial reaction.

The number of existing home sales was expected to reach 5.04 million (annualized) in March from 4.88 last  month (before revisions). The majority of sales is of existing, second hand homes.

Towards the publication, EUR/USD traded around 1.0740, GBP/USD at 1.5040, USD/JPY around 119.70, AUD/USD around 0.7777, NZD/USD around the round 0.77 and USD/CAD at 1.2230. All currencies are now retreating against the greenback.

Earlier, the official House Price Index rose by 0.7% in February, as expected.

Data for Q1, including the spring month of March, has been quite disappointing so far. A few losing streaks in US data triggered sell-offs of the greenback. However, after many of these drops, we have seen a  resurgence of the USD, as other currencies don’t offer better alternatives.

Later this week we will get new home sales, jobless claims and durable goods orders.

More:  USD Index, EUR/USD: Trending Or Turning? – Goldman Sachs

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.