Pending Homes Sales in US decline in July. Dollar falls today in Forex Trading. | CountingPips Forex Blog

September 9, 2008 - Forex Economic News

Pending Homes Sales in US decline in July. Dollar falls today in Forex Trading.

U.S. Pending Homes sales declined in the month of July following June's more than expected rise 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 3.2 percent in July and falling more than market expectations had predicted. Market forecastors had Forex Trading Blog. predicted the sales data would decline by 1.3 percent for the month. July's decline follows a revised increase of 5.8 percent for June and is 6.8 percent below the pending home sales level of July 2007.

NAR chief economist Lawrence Yun commented in the report about the state of the housing market, "Pending home sales are oscillating month-to-month, with the long-term trend essentially flat." Yun also highlighted that the problems of mortgage giants Fannie Mae and Freddie Mac curtailed sales as he stated that, "Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings."

Forex Market - Euro, Pound, Yen gain vs. dollar.

The U.S. dollar has lost ground against the euro, pound and yen in the forex market today after starting the week strong against its rival currencies. The euro has increased from today's opening of approximately 1.4086 dollars per euro to trading at 1.4202 in the afternoon of the US trading session. The British pound has also gained from today's opening exchange rate of 1.7557 dollars per pound to trading at approximately 1.7676. The pound has gained slightly so far for the week as the currency has surpassed last week's close of 1.7639 after closing lower verses the dollar for seven consecutive weeks. Also gaining ground verses the dollar today is the Japanese yen as the USD/JPY trading pair has been trading below 107.50 today after reaching above 109.00 yen per dollar in yesterday's trading action.

USD/JPY Chart - The US dollar declining vs. the Japanese yen today in forex trading(Daily Chart).

Forex Chart

tags: uk, producer prices, inflation, forex trading

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