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Existing home sales came out better than expected at 5.47, a rise of 0.4% million while consumer confidence missed with 92.2 points, significantly worse than 97  predicted.

The market reaction seems muted.

US existing home sales were expected to drop by around 3% to an annualized level of 5.32 million from 5.46 million seen in December (before revisions). The Conference Board’s consumer confidence  measure for February was predicted to drop  to 97 from 98.1 points in January.

The US dollar has showed its strength  across the board towards the release.

  • EUR/USD  battled 1.10 following the weak IFO figure.
  • GBP/USD is down under 1.41, around 1.4080, still suffering from the Boris blow.
  • USD/JPY is off the lows at 112.30.
  • USD/CAD is around 1.3764, keeping some distance from the lows.
  • AUD/USD already reached new highs but settled around 0.7230.
  • NZD/USD is in its well defined range around 0.6666.

Later this week we’ll get the updated GDP read, durable goods orders the Fed’s favorite inflation measure.

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