US Pending Home Sales disappoint: -1.3%


US pending home sales dropped by 1.3% in July. They were expected to tick up by 0.2% after a slide of 0.4% in the previous month. Year over year, this is a rise of 6.7%. New home sales badly disappointed last week, dropped below 400K, but existing home sales surprised to the upside.

EUR/USD traded a bit lower, at around 1.3310, but well within the recent range. USD/JPY traded higher, at around 97.60. The dollar is marginally weaker now, with EUR/USD recording a bounce.

Update: EUR/USD is erasing the post-release gains. However, USD/JPY remains at lower ground.

Markets are somewhat concerned with news regarding Syria. The rhetoric is rising and a strike might come after markets close on Friday. This is one of the reports, and the event is still evolving.

Tomorrow, the US will release an update for GDP and weekly jobless claims, which are always influential.

Further reading: Gold and Oil Are Ready For A Pull-back (Elliott Wave Analysis)

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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 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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