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U.S. Dollar Surges as New Home Sales Rose More Than Forecast in September

U.S. Dollar Surges as New Home Sales Rose More Than Forecast in September

2011-10-26 15:13:00
Trang Nguyen,
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THE TAKEAWAY: U.S New Home Sales Unexpectedly Rose in September> Housing demand in the South and the West Climbed > U.S. Dollar Gained

Purchases of new houses in the U.S. rose more than forecast in September after hitting six-month low in August. Report jointly released today by the U.S. Census Bureau and the Department of Housing and Urban Department showed that new home sales climbed 5.7 percent at a seasonally adjusted annual rate of 313,000. August‘s figure was revised upward to 296,000 from 295,000. Meanwhile, the consensus figure from Bloomberg survey predicted only 300,000 sales of new single-family houses, with economists’ projections ranging from 275,000 to 325,000.

U.S. New Home Sales: January 2009 to Present

102611_USD_New_Home_Sales_body_Chart_1.png, U.S. Dollar Surges as New Home Sales Rose More Than Forecast in September

Prepared by Trang Nguyen

It is evident that exceptionally low rate policy attracted new home buyers in some parts of the country. September new house sales advanced in two of four U.S. regions. Housing demand climbed 11.2 percent to 179,000 in the South and advanced 9.7 percent to 68,000 in the West. In contrast, the Midwest registered a 12.2 percent drop in new house purchases to 43,000. Sales in the Northwest also slumped 4.2 percent to 26,000. The median sales price dropped 10 percent to $204,400 in September, the biggest since April 2009 while the average sales price was $243,900.

EUR/USD 1-minute Chart: October 26, 2011

102611_USD_New_Home_Sales_body_Picture_1.png, U.S. Dollar Surges as New Home Sales Rose More Than Forecast in September

Charts created using Strategy Trader– Prepared by Trang Nguyen

The U.S. dollar regained its footing versus most of its major trading partners except Canadian dollar and Japanese Yen after the domestic housing data printed well above expectations. The one-minute EURUSD chart above illustrated that the currency pair quickly dropped approximately 80 pips from 1.3920 to 1.3840 thirty minutes following the housing data release. The EUR/USD extended its downward momentum, traded below the 20-minute moving average line as investors turned bullish on the greenback. The Relative Strength Indicator (RSI) below 30-level also signaled that foreign exchange traders have been aggressively selling the euro in favor of the greenback.A separate report today also unveiled that durable goods orders excluding transportation unexpectedly edged up 1.7 percent amid estimate of a mere 0.4 percent gain. Apparently, surge in housing demand in September fuels investors’ optimism over recovery in the world’s biggest economy as housing market will help boost consumer expenditure and spur demand in durable goods in coming months.

--- Written by Trang Nguyen, DailyFX Research Team for DailyFX.com

To contact Trang, email tnguyen@dailyfx.com

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