US Existing home sales stand at 5.05 million in August
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US Existing home sales stand at 5.05 million in August

A slight disappointment in the US housing sector: existing home sales slid  to 5.05 million (annualized). This is a drop of 1.8%.

Sales of existing (second hand) homes) were expected to stand at an annualized level of 5.21 million in the month of August, up from 5.15 in July (before revisions).

Towards the publication, EUR/USD traded around 1.2840, steady during Draghi’s testimony, GBP/USD around 1.6330, USD/JPY at 109.10 and AUD/USD at the lows of 0.8862. — more coming —

At the same time, euro-zone consumer confidence was released and was expected to show a slide to -11 points, reflecting growing pessimism. No surprises here: -11 points.

Later in the week, we have durable goods orders, final GDP and unemployment claims. The US dollar remains dominant, especially against commodity currencies. The pound is recovering from the “sell the fact” moves that followed the Scottish referendum, but apart from that, we are seeing the upcoming tightening by the Federal Reserve as a driving force for the USD.

In our latest episode, we talk about the risk/reward ratio, the FOMC decision and what it means for the dollar and Chinese wobbles:

Download it directly here.

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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.