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US Dollar Dips After May Pending Home Sales Posts Strong Gains

US Dollar Dips After May Pending Home Sales Posts Strong Gains

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [US Pending Home Sales Index Rises to 2-Year High in May] > [U.S. housing sector picking up] > [USDCAD weakens]

The number of signed contracts to purchase existing homes in the U.S. jumped in May by the most in seven months, adding to signs of stabilization in the housing market. According to the National Association of Realtors, the pending home sales index, a forward-looking indicator based on contract signings, surged 5.9 percent to 101.1 in May, after contracting 5.5 percent to 95.5 in April. The reading matches the index reached in March, which is the highest level since April 2010. On a yearly basis, pending home sales climbed 15.3 percent in May, following a 14.7 percent rise in April. The latest readings beat median forecasts of economists surveyed by Bloomberg News, who had called for a 1.5 percent month-on-month rise and a 9.9 percent increase from a year ago.

The stronger pending home sales figures add to indications that the U.S. housing sector is picking up. Earlier this week, the U.S. Consensus Bureau and the Department of Housing and Urban Development released a joint report that showed that sales of new single family homes in the U.S hit a two-year high in May.

USDCAD 1-minute Chart: June 27, 2012

US_Dollar_Dips_After_May_Pending_Home_Sales_Posts_Strong_Gains__body_Picture_1.png, US Dollar Dips After May Pending Home Sales Posts Strong Gains

Chart created using Market Scope – Prepared by Tzu-Wen Chen

Immediately after the data release, the U.S. dollar slipped against the Canadian dollar, as stronger U.S. economic growth tends to boost Canadian growth prospects. At the time of this report, the USDCAD pair had trimmed its decline and was trading at C$1.0258.

--- Written by Tzu-Wen Chen, DailyFX Research

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