EUR/USD currency pair extended its decline as U.S. economy recovers with renewed fervor. Increasing number of durable goods orders signals about expanding production, while rising house sales prove that U.S. consumers regained their confidence. EUR/USD trades currently near 1.2236.
Durable goods orders showed a significant increase by 2.9%, compared to a zero growth (revised from 1.3% decline) in the previous month. This reading is noticeably better than forecasted growth by 1.4%
New home sales rose from 439k in March to 504k in April. Experts were pleasantly surprised as they expected drop to 425k.
Crude oil inventories increased by 2.4 million barrels from the previous week. Total motor gasoline inventories decreased by 0.2 million barrels last week, and are above the upper limit of the average range.
Showing posts with label new home sales. Show all posts
Showing posts with label new home sales. Show all posts
Friday, 2 July 2010
EUR/USD Rises as U.S. Housing Market Shows Awful Results
EUR/USD advanced today after a sharp decline as the U.S. housing market continues to show terrible results. New homes sales posted a really depressing value. FOMC kept the low interest rates and hinted that it may keep the rates for a long time. EUR/USD trades near 1.2325 now.
New homes sales release continued the streak of dissapointing results from the housing market, sinking to 300k in May from the negatively revised April reading of 446k. This figure was really dissapointing for market participants, who expected much smaller decline to 424k.
U.S. crude oil inventories increased by 2.0 million barrels from the previous week. Total motor gasoline inventories decreased by 0.8 million barrels last week. Both are above the upper limit of the average range.
FOMC left the interest rates unchanged at range from 0% to 0.25%, as was expected by Forex traders. It stated that the economic recovery continues, but the economic growth encountered some obstacles like high level of unemployment. The statement hinted FOMC might keep the low interest rates for an extended period:
New homes sales release continued the streak of dissapointing results from the housing market, sinking to 300k in May from the negatively revised April reading of 446k. This figure was really dissapointing for market participants, who expected much smaller decline to 424k.
U.S. crude oil inventories increased by 2.0 million barrels from the previous week. Total motor gasoline inventories decreased by 0.8 million barrels last week. Both are above the upper limit of the average range.
FOMC left the interest rates unchanged at range from 0% to 0.25%, as was expected by Forex traders. It stated that the economic recovery continues, but the economic growth encountered some obstacles like high level of unemployment. The statement hinted FOMC might keep the low interest rates for an extended period:
economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low
levels of the federal funds rate for an extended period.
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