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Yen and Gold Rally against US Dollar on Dismal Housing Data

Yen and Gold Rally against US Dollar on Dismal Housing Data

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: New home sales have biggest drop since May 2010 > Higher interest rates hurting US housing market > USDJPY BEARISH, GOLD BULLISH

The US Dollar is taking a turn lower in the first half of US trading on Friday after the worst New Home Sales report in over three years. The July housing sales report posted its worst metrics since October 2012. With the Jackson Hole Economic Policy Symposium ongoing, volatility around the US Dollar has been elevated regardless of the print; and certainly this data did little to offer support.

Here’s the data driving the US Dollar lower:

- New Home Sales (JUL): 394K (-13.4%) versus 487K (-2.0%) expected, from 455K (+3.6%) (revised lower from 497K (+8.3%)) (m/m)

Read more: Back on Top: British Pound Surges After 2Q GDP Beats, More Gains Ahead?

GOLD (XAUUSD) 1-minute Chart: August 23, 2013

Yen_and_Gold_Rally_against_US_Dollar_on_Dismal_Housing_Data_body_x0000_i1027.png, Yen and Gold Rally against US Dollar on Dismal Housing Data

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the data, the US Dollar slipped across the board, with the USDJPY tumbling from near ¥99.00 to below 98.50, at the time this report was written. However, the most interesting reaction came by precious metals, with Gold surging from $1375/oz to above 1397/oz, the highest level in August. Gold has had an outstanding run the past few weeks, gaining nearly +18% since the late-June low.

Follow all the headlines from Jackson Hole at the DailyFX Real Time News feed.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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