US new home sales disappoint with 560K – USD ticks down

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Sales of new homes slipped by 3.4% to 560K in August, down from an upward revised 580K in July. Consumer confidence is also slightly below expectations: 119.8, marginally under 120 predicted.

The US dollar is slightly lower after these figures, but the moves are minimal. Markets are awaiting Janet Yellen’s speech later today.

The Conference Board’s consumer confidence measure was expected to slide from 122.9 to 120 points in September. Sales of new homes were expected to rise by 3.3% to 588K in August, after 571K in July (before revisions).

The US dollar was looking good ahead of the publication, rising across the board.

The Fed has sent mixed messages in recent days, with some members supporting a rate hike in December while others opposing it. Fed Chair Janet Yellen is set to speak at 16:45 GMT.

In US politics, yet another attempt to repeal Obamacare seems to be dead. However, a push on tax reform seems to be gaining ground. Tensions with North Korea have sent USD/JPY down, but the pair reverts back up. The gains in the greenback are wide.

More: EUR/USD follows the textbook on weekend gaps

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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.

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