US Pending Homes Sales decline in October. US Dollar mixed today in Forex Trading. | CountingPips Forex Blog

December 9, 2008 - Forex Economic News

US Pending Homes Sales decline in October. US Dollar mixed today in Forex Trading.

U.S. Pending Homes sales declined in the month of October according to the monthly report produced by the National Association of Realtors. The NAR report showed that pending home sales contracts signed by buyers declined 0.7 percent in October following September's revised 4.3 percent decline.

NAR chief economist Lawrence Yun commented in the report on the state of the housing market, "Despite the turmoil in the economy, the overall level of pending home sales has been USD mixed in Forex Trading remarkably stable over the past year, holding in a generally narrow range,” and that, “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market."

October's sales decline was less than market expectations as market forecastors had predicted the sales data would fall by 3.0 percent for the month. On an annual basis, pending home sales were 1.0 percent below the October 2007 level.

Forex Market - US Dollar mixed results so far today.

The U.S. dollar has been mixed in forex trading today against the major currencies. The dollar has gained against the pound, Canadian dollar while declining verses the euro, Australian dollar, yen and Swiss franc. The euro has gained for a second day verses the dollar from today's 1.2872 opening to trading at approximately 1.2919 in the afternoon of the US trading session at 2:58pm ET.

The British pound has fallen today verses the American currency from 1.4842 to trading at 1.4759 after gaining against the dollar yesterday. The dollar has declined against the Japanese yen today as the USD/JPY has fallen from its 92.74 opening to trading at 92.09.

The dollar has advanced against the Canadian dollar after opening at 1.2522 earlier today to trading later at 1.2644. Meanwhile, the USD has declined against the Swiss franc from 1.2113 to trading at 1.2047.

The Australian dollar has also gained ground verse the USD as the AUD/USD trades at 0.6591 after opening today at 0.6572 while the New Zealand dollar has been virtually unchanged verses the USD and trading at 0.5406 after opening at 0.5407.

EUR/USD Chart - The Euro advancing vs. the US Dollar today (Hourly Chart).

Today's Forex Chart

tags: pending home sales, usd, forex market, real estate

Blog Index