Forex: Weak data for US Existing Home figures

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The existing home sales figures for the month of February have been announced in USA by the country’s realtors association. The announced figure was 9.6% less, compared to the previous month which was significantly lower than the market’s expectation of 4.9% less. In absolute figure it the amount was 4.88M which was less than the expected 5.15M.

The Existing Home Sales provides a value of housing market conditions. Since the housing market is immediately related to the US economy a high value will provide hawkish behavior for the US dollar and a low value bullish. Following the news announcement at 14:00 GMT the EURUSD rose quickly by 20 pips and is currently trading at 1.4198.