US Existing home sales slide to 4.62 million – USD

16

The annual level of existing home sales dropped to 4.62 million, below market expectations. It was expected to drop in January to 4.73 million from 4.87 million in January (before revisions). This is a drop of 5.1% from December.

Before the publication, EUR/USD was on the rise around 1.3740. GBP/USD was hanging around 1.6675 and USD/JPY was steady on high ground, at 102.70. The dollar is a bit lower now: USD/JPY is shying away from 102.70, EUR/USD is extending its gains and GBP/USD is above 1.67.

The majority of the housing market is of existing (second hand) homes. However, sales of new homes trigger more economic activity in infrastructure, buying of furniture, etc.

While inflation and jobless came out OK in the US, housing data released this week was bad, and the Philly Fed Index was a disaster in comparison to early expectations. Better than expected numbers were pretty hard to find.

However, the economic disappointments are not likely to derail the taper train, as the FOMC minutes have shown.

The big US release next week is the second estimate of GDP. Check out next week’s events in the forex weekly outlook.

Get the 5 most predictable currency pairs

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 the 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.

16 Comments

  1. Pingback: Forex News - Page 561

  2. Pingback: Gold and silver prices Weekly Review – February 17-21 2014 | Trading NRG

  3. Pingback: Gold And Silver | Recap for February 17-21 | Signals News

  4. Pingback: USD/CAD Outlook Feb. 24-28 | Forex Crunch

  5. Pingback: USD/CAD Outlook Feb. 24-28 | myfxequipment

  6. Pingback: Silver and gold Prices Forecast for February 24-28 2014 | Trading NRG

  7. Pingback: USD/CAD Outlook Feb. 24-28 - James Invest | James Invest

  8. Pingback: AUD/USD Forecast Feb. 24-28 | Forex Crunch

  9. Pingback: AUD/USD Forecast Feb. 24-28 | Signals News

  10. Pingback: AUD/USD Forecast Feb. 24-28 - James Invest | James Invest

  11. Pingback: GBP/USD Outlook Feb. 24-28 | Forex Crunch

  12. Pingback: GBP/USD Outlook Feb. 24-28 | myfxequipment

  13. Pingback: GBP/USD Outlook Feb. 24-28 - James Invest | James Invest

  14. Pingback: GBP/USD Outlook Feb. 24-28 | Signals News

  15. Pingback: USD/CAD Outlook Feb. 24-28 | Signals News

  16. Pingback: Gold and Silver Forecast for February 24-28 | Signals News