US Existing Home Sales Slightly Beat With 5.62 Million – USD/JPY Ticks Up
Sales of existing homes climbed by 1.1% against an expected fall. They rose from a marginally downwards revised 5.56 million to 5.62 million.
The beat is not that big, but it allows USD/JPY to extend its gains. The pair now trades at 111.72, up from around 111.60 before the publication.
Sales of second-hand homes were expected to drop by a modest 0.5% from 5.57 million to 5.55 million annualized in May. Back in April, the volume of sales fell by 2.3%.
The US dollar has been stable after ceding some of its gains earlier. All in all, the greenback continues enjoying the backwind from the hawkish Fed decision that was reinforced by Dudley’s hawkishness.
Most transactions of homes are of existing ones. However, changes in sales of new homes have a wide economic impact and are better correlated with growth rates.
The falls in the prices of oil have dominated the headlines.
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