News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/uhBNvCTHrW
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/J0vSWHaADc
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/nmP0MX8LGM
  • 🇯🇵 Core Inflation Rate YoY (AUG) Actual: 0.0% Expected: 0% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate Ex-Food and Energy YoY (AUG) Actual: -0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate YoY (AUG) Actual: -0.4% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/T6CPbFLv9f
  • RT @FxWestwater: $AUDUSD, $AUDJPY Surge Despite Rising Treasury Yields, Looming Evergrande Risks Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/23/AUDUSD-AUDJPY-Surge-Despite-Rising-Treasury-Yields--Looming-Evergrande-Risks.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
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

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES