New Home Sales Fall Badly

The New Home Sales figure in the US has dropped significantly, to only  331K, much lower than 395K that was expected. This is a terrible figure that shows that the American economy has almost come to a halt. A stimulus plan is necessary, now more than ever.

In the immediate trading after the release, the dollar weakened a little bit, especially against the Swiss Franc and the Japanese Yen.  

A further decline can be seen later.

Before the release of the  New Home Sales, figure the dollar was trading in a mixed manner against the major currencies. EUR/USD was in the low 1.31s’, GBP/USD was in the mid 1.42s’, USD/CHF was in the high 1.14s and USD/JPY a little under 90.

Earlier today,  Core Durable Goods Orders  fell by 3.6%, much worse than -2.6% that was expected. Also the non core  Durable Goods Orders were disappointing, and fell by 2.6%, deeper than 1.9%.

The  Unemployment Claims were almost within expectations, at 588,000. But, this figure is a record number of jobless claims, and was quoted across the board.

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.