US Pending Home Sales Jump 4.5%

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Pending home sales rose by 4.5% in the US during January. Expectations stood on a rise of 1.7% after a drop of 4.3% in December. This figure is very volatile.

EUR/USD traded around 1.31 before the release. USD/JPY was above the 91.20 line. In the meantime, Ben Bernanke begins his second day in Washington. — Updates coming —

In his appearance yesterday, Federal Reserve Chairman Ben Bernanke did not say anything really new. Bernanke is experienced in these events. Basically, open ended QE continues. At the same time, the US released great figures, with the new home sales leading the way, enjoying a 15.6% jump.

Earlier, durable goods orders fell by 5.2%, a bit below expectations of -4.8%. Yet core orders rose by 1.9%, above expectations of +0.3%. Also here, the figures are quite volatile.

EUR/USD could not recover due to an unconvincing Italian bond auction. The euro is very sensitive to any Italian news. USD/JPY maintains the lower trading range after the big fall.

More: Forex Analysis: EUR/USD Approaches Head-and-Shoulders Downside Target

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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 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.

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