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US existing home sales slip to 5.35 million

Existing home sales dropped to 5.35 million in August, but there is a good reason: hurricane Harvey that hit Houston. The data does little to move the greenback as the countdown to the Fed decision continues.

Fed Preview: a window to short the dollar and two other scenarios

The annualized level of existing home sales was expected to rise by 0.3% to 5.46 million in August after 5.44 in July (before revisions). Most sales are for second-hand homes.

The US dollar was stable against major currencies ahead of the all-important Fed decision later today. Commodity currencies were on the move, aided by rising commodity prices. Oil inventory data will be released soon.

The Fed is expected to announce the beginning of reducing its balance sheet, or Quantitative Tightening (QT). The current balance sheet stands at around $4.5 trillion. Markets will be focused on the odds for the next rate hike. Currently, a rate rise in December is a coin flip.


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.