Sales of existing homes dropped by 0.6% to an annual pace of 4.92 million units. They were expected to rise from an annual pace of 4.95 million (revised down from 4.98 originally reported) to 5.02 now – a very marginal change. While the actual number isn’t that far from predictions, it is still a small disappointment that joins a streak of unimpressive US figures.
EUR/USD was sliding and trading around 1.3020 before the release and it is now edging higher. USD/JPY was also falling after getting to the magical 100 number once again.
The US housing sector has been leading the recovery in recent months, but recent signs were mixed, as were other US indicators.
Here is a deeper analysis of the economy: US Economy: Why We’re Here and How did this Happen?
Here is a live chart of EUR/USD:
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The euro-zone consumer confidence was released at the same time and rose to -22. It was expected to remain unchanged at -24. The negative score reflects pessimism.
For more on this week’s major events, see the Major Forex Events Outlook.
