Forex Blog

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Bad Houses Sales Cost Pips

May 25, 2007 (Last updated on November 29, 2009) by

Forex market was quite predictable today after the data on the Existing Home Sales for April came in 15:00 GMT. This macroeconomic indicator showed very poor results — 5.99 millions against 6.13 millions expected (and 6.15 millions in March). After these data came out EUR/USD gained nearly 50 pips (up to 1.3572) as the low activity in the realty industry can mean a general weakness in the U.S. economy. EUR/USD has almost fully rolled back already. But the great thing is that every Forex trader can always use monthly Existing Home Sales report to gain some fast profit on this news reaction.

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