Existing home sales dropped to 5.35 million in August, but there is a good reason: hurricane Harvey that hit Houston. The data does little to move the greenback as the countdown to the Fed decision continues.
Fed Preview: a window to short the dollar and two other scenarios
The annualized level of existing home sales was expected to rise by 0.3% to 5.46 million in August after 5.44 in July (before revisions). Most sales are for second-hand homes.
The US dollar was stable against major currencies ahead of the all-important Fed decision later today. Commodity currencies were on the move, aided by rising commodity prices. Oil inventory data will be released soon.
The Fed is expected to announce the beginning of reducing its balance sheet, or Quantitative Tightening (QT). The current balance sheet stands at around $4.5 trillion. Markets will be focused on the odds for the next rate hike. Currently, a rate rise in December is a coin flip.
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