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USDJPY Gains As U.S. Pending Home Sales Jumps More Than Expected in July

USDJPY Gains As U.S. Pending Home Sales Jumps More Than Expected in July

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [US Pending Home Sales Jumps in July] > [Adds to signs that the U.S. housing sector is picking up] > [USDJPY bullish]

The number of signed contracts to purchase previously owned homes in the U.S. jumped more than economists had forecast in July, adding to signs of stabilization in the housing market. The National Association of Realtors reported today that its pending home sales index, a forward-looking indicator based on contract signings, rose 2.4 percent in July from a month earlier after declining 1.4 percent in June. The consensus forecast of economists surveyed by Bloomberg News had called for a 1.0 percent increase. On an annual basis, pending home sales soared 15.0 percent in July, the largest yearly gain since June 2011, beating expectations for an 11.1 percent increase.

The stronger pending home sales figures add to signs that the U.S. housing sector is picking up. Last week, the U.S. Consensus Bureau and the Department of Housing and Urban Development reported improvements in existing home sales and new home sales in July from the previous month.

USDJPY 1-minute Chart: August 29, 2012

USDJPY_Gains_As_U.S._Pending_Home_Sales_Jumps_More_Than_Expected_in_July__body_Picture_4.png, USDJPY Gains As U.S. Pending Home Sales Jumps More Than Expected in July

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

The U.S. dollar strengthened against the Japanese yen following data release, as the better-than-expected housing data dampens support for further monetary easing by the Federal Reserve. At the time the report was written, the USDJPY pair was trading higher at 78.76 yen.

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

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