Low Home Sales Send the Dollar Down


The Pending Home Sales showed a fall of 4.0% . This was far worse than a drop of 0.9% that was expected. This sent the dollar down.

The dollar rallied until this announcement against all the major currencies: Euro, Yen and Swiss Franc. Now this trend has been reversed.

The ISM Non-Manufacturing PMI was surprisingly better than expected, but still weak at 40.6 . The ISM figure was published at exaclty the same time. Also note the monthly Factory Orders, tumbling down 4.6%.

Later, the dollar got another blow by the bottom line of the FOMC Meeting Minutes: the Federal Reserve wanted to send a strong message: Interest Rates will stay low for a long time.

This exciting week is not even in the middle, and it is already very dramatic for those of you that are trading Forex.

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About Author

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.

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