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US Existing home sales rise to 5.35 million – more

Better than expected: sales of existing homes rose to an annualized level of 5.35 million in May, above 5.27 million. Last month’s figure was upgraded to 5.09 million from 5.04 originally reported.

This is good news for the dollar, which is ticking a bit higher on the news against many currencies. However, the beat is not huge, so the market effect could be limited.

This figure joins other “better than expected” figures for the economy in May and April. The  theory of a spring rebound after a tough first quarter is gaining more ground with this publication.

Sales of existing homes form the larger share of the market, but they trigger less economic activity than sales of new homes – a figure that is released tomorrow. Also tomorrow, we will hear about the US durable goods orders, which have also been on a recovery path.

EUR/USD is more affected by every headline regarding the Greek crisis, but fresh optimism is generally  supporting the pair.

In our latest podcast we digest the dollar dove dive, update on Greece and preview next week’s events.

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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.