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US Existing home sales slide to 5.31 million – below

A disappointing housing figure in the US: sales of existing homes fall to an annual level of 5.31 million in August, down from a revised 5.58 million in July. This is a drop of 4.8%.  Previous months saw this figure coming out above predictions.

The US dollar is sliding just a bit, with EUR/USD topping 1.1250, GBP/USD ticking higher and USD/JPY sliding to 120.34.

Sales of existing homes were expected to stand at 5.51 million in August, similar to the figure of 5.59 million seen in July. The figures are annualized. Most of house transactions are of existing, second hand homes. More activity in housing means more activity in related sectors.

The US dollar was looking good towards the release, with EUR/USD trading lower around 1.1250, GBP/USD at 1.5520 and USD/JPY  at 120.40.

The markets are still digesting the  dovish Fed move last week and what it implies for other central banks.

We have already heard from a few  FOMC members, and most have been hawkish, coming from a hawkish position. We will later hear from Denis Lockhart at 17:00 GMT, which is positioned somewhere in the middle.

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.