We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Heads Up:🇯🇵 JPY Jobless Rate (FEB) due at 23:30 GMT (15min), Actual: N/A Expected: 2.4% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-03-30
  • 🇬🇧 GBP GfK Consumer Confidence (MAR), Actual: -9 Expected: -15 Previous: -7 https://www.dailyfx.com/economic-calendar#2020-03-30
  • Heads Up:🇬🇧 GBP GfK Consumer Confidence (MAR) due at 23:01 GMT (15min), Actual: N/A Expected: -15 Previous: -7 https://www.dailyfx.com/economic-calendar#2020-03-30
  • $EURUSD chart positioning hints the Euro may be running out of steam following a spirited recovery but sentiment studies continue to argue for the upside.Get your EUR/USD market update from @IlyaSpivak here:https://t.co/zp2oz1G2QZ https://t.co/YsxURDW4aT
  • Frankly, I'm surprised the 'equity market related economic uncertainty index' the Fed measures isn't higher. Apologies for using the Wilshire 5000. They don't have significant SPX or Dow historical https://t.co/CioVpmmdv9
  • Market snapshot: #NZD up over 0.5% vs G10 FX heading into Asia's Tuesday trading session [delayed].
  • 🇳🇿 NZD Building Permits (MoM) (FEB), Actual: 4.7% Expected: N/A Previous: -2.0% https://www.dailyfx.com/economic-calendar#2020-03-30
  • Heads Up:🇳🇿 NZD Building Permits (MoM) (FEB) due at 21:45 GMT (15min), Actual: N/A Expected: N/A Previous: -2.0% https://www.dailyfx.com/economic-calendar#2020-03-30
  • USTR Lighthizer says G20 should stay focused on pandemic, not try to use it to push other agendas in trade or elsewhere #Tradewar
  • In a positive development, the S&P 500 did not hit limit down after this week’s open for US equity futures. Get your #S&P500 technical analysis from @JStanleyFX here: https://t.co/7LDq88mYPE https://t.co/O6njknUzvV
U.S. Pending Home Sales Worse-than-Expected; Dollar Unfazed

U.S. Pending Home Sales Worse-than-Expected; Dollar Unfazed

2011-08-29 14:21:00
Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: U.S. Pending Home Sales Disappoints > Low Rates, Borrowing Costs Not Effective > USD Unchanged

The risk-on trade, as denoted by the commodity currencies and equity markets, was able to maintain its gains early in the North American session despite another round of disappointing data out of the United States. The pending home sales report for July, released today by the National Association of Realtors, showed that the number of contracts to purchase previously owned homes dropped by 1.3 percent. This was the first time the pending home sales figure dropped in three months.

According to a Bloomberg News survey, economists forecasted a 1.0 percent drop. The figure comes in below the June figure, which was up by 2.4 percent. Overall, pending home sales were up by 10.1 percent in July on a year-over-year basis, below to 13.6 percent estimate, and down from the 17.3 percent reading in June.

USD/CAD 1-minute Chart: August 29, 2011

U.S._Pending_Home_Sales_Worse-than-Expected_Dollar_Unfazed__body_Picture_1.png, U.S. Pending Home Sales Worse-than-Expected; Dollar Unfazed

Charts created using Strategy Trader– Prepared by Christopher Vecchio

The U.S. Dollar was mostly unfazed by the data, trading within a 10-pip band against the Euro and the Loonie within a few minutes following the release. In what has seemingly become a trend, market participants have been ignoring any negative data and have been trading off of any signs of optimism, despite how fragile or tepid the signs may actually be.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.