US Pending Home Sales Rise 2.4%, Better Than Expected

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The US housing sector continues printing relatively positive numbers. The number of pending home sales rose by 2.4% in July. Early expectations stood on a rise of 1.1%.

EUR/USD is extending its drops and is approaching the 1.2520 support line. USD/JPY is extending its gains in a limited range and is now above 78.70.

The initial report for June stood on a disappointing drop of 1.4% (unchanged now) , following a leap of 5.4% in May.

Yesterday, the S&P / Case Shiller index showed that home prices rose once again. While not all is rosy in the the housing sector, it is still doing better than others, especially in comparison to the weak manufacturing sector.

Earlier, the US updated the GDP growth estimate to an annual pace of 1.7% in Q2 as expected. The initial report showed growth of 1.5% and a final report is due in a few weeks.

All eyes are on the speech of Ben Bernanke in Friday’s Jackson Hole Symposium.

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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.

2 Comments

  1. Pingback: US Economy Grew Faster in Q2: 1.7% | Forex Crunch

  2. I knew housing was going to be on the rise. I am in phoenix and its booming out here!