More good news from the US housing sector: a gain of 6.1% in pending home sales. Sales were expected to rise by 1.4% in May after 0.5% in April revised up from 0.4%. However, year over year sales are still down: 6.9%. The Fed has expressed worries about the housing sector, but the recent new and existing home sales numbers have certainly been upbeat.
Earlier, EUR/USD has edged up just above the 1.3650 line, GBP/USD climbed to 1.7050 and USD/JPY traded just below 101.40. The dollar is slightly stronger after the publication.
Earlier, Chicago PMI disappointed with a drop from 65.5 to 62.6 points, below 63.2 expected. It is important to note that these are still the best numbers since early 2011.
Tomorrow we have a more important release: the ISM manufacturing PMI, which serves as a hint for Thursday’s Non-Farm Payrolls. Yes, this time it’s NFP Thursday due to the 4th of July celebrations on Friday.
See how to trade the ISM Manufacturing PMI with USD/JPY.
