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The S&P/Case Shiller House Price Index rose once again: 12.2% year on year. It was expected to show an annual rise of 12.4% in May after 12.1% in April. Seasonally adjusted month over month figures showed a rise of 1%, below 1.5% expected. Non seasonally adjusted, the figures were more impressive: 2.4% instead of 2.3% expected.

EUR/USD was off the highs of 1.33 and USD/JPY traded just under 98 before the publication. We are not seeing big movements after the release.

Some housing figures disappointed and some exceeded expectations recently. Building permits, housing starts and existing home sales disappointed, while new home sales and pending home sales exceeded expectations.

The housing sector remains key to the economic recovery in the US, but the Fed focuses on the labor market. CB Consumer Confidence is up next. The bigger events are tomorrow: Q2 GDP, the ADP NFP and the FOMC decision.

Further reading:  Soft US Home sales outcome may lower chances of Fed Tapering.