US pending home sales rose by only 0.3% in April 2013. They were expected to rise by a steady 1.3% after last month’s 1.5% rise. Year on year, there is a 10.3% rise, contrary to 12.8% that was expected. There was no revision to the data from the previous month.
EUR/USD made a convincing break just before the publication and left 1.30 behind. It already climbed to the next resistance line at 1.3050 before retreating a bit. The pair is now making a second attempt to break above 1.3050. USD/JPY was trading around 101.20, after a very rocky day. It is now 30 pips lower, falling to 100.90.
The US housing sector has led the recovery so far. The big rise in new home sales was certainly encouraging, and so was the ongoing rise in prices. However, not all the signs were positive all the time. There have been bumps in the road.
Earlier, the US reported mediocre data: a downwards revision of GDP and a higher than expected jobless claims number. The data wasn’t terrible, but not shining – not “taper material”.
Here is a live chart of EUR/USD:
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