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Existing Home Sales – Euro Dollar Currency Pair

The Existing Home Sale figures rose an unexpected 6.5% in December by increasing to 4.75m units. Traders watch this number as it is a leading indicator of the economic health of the country, since the sale of a home has a wide ripple effect on the wider economy. For example this will indicate a possible uplift in the diy market and is also good news for the mortgage and financing industry. However, one swallow does not a summer make. Under normal market circumstances where the actual exceeds the forecast this is generally good news for the underlying currency but in today’s case the opposite occurred with the euro dollar rising. This was probably due to thin market conditions and the market weighed down by dire economic news in other sectors.