Better US data sends the USD higher
Skerdian Meta • 1 min read
A couple of US economic data pieces were released a while ago and they were quite positive. The new home sales were expected at 560k but the sales beat the expectations and they posted 592k, which is more than 30k above expectations. That´s a strong number and it shows that demand is picking up for new homes as well as for existing one, which has been on an uptrend as well. Besides that, last month´s number was revised higher too, from 551k to 572k.
EUR/USD has reversed in the last few hours
On top of that, the median price increased from $289,200 to $306,700 year on year. The US consumer confidence data was released together with the housing data and it beat the expectations as well, so it´s not a surprise that the demand for new houses has increased. The USD has taken advantage of that and has reversed today´s downtrend, erasing all the losses against the Euro.