Forex: Strong US Pending Home Sales Figures

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Pending Home Sales figures for the month of February have been announced in the States by the National Association of Realtors. The announced rate of 2.1% was much higher than the expected 0.9% and even higher than the -2.8% previous reading for the month of January. Upon the announcement at 14:00 GMT the EURUSD pair which was following an uptrend demonstrated some corrections moving a few pips down before rising again.

The Pending Home Sales figure shows contract activity of existing family homes. As the housing market is a crucial factor related to a country’s economic condition a high reading is related to hawkish behavior of the currency. The EURUSD pair is currently traded at 1.4103.