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Euro Rises vs. Dollar on Pending Home Sales Increase

July 28, 2011 by

The EUR/USD pair increased today after a pending home sales report was released in the United States. Overall, the day was still quite bearish for the currency pair. It’s now trading near 1.4312.

Initial jobless claims decreased significantly during the week ending July 23 and were at 398k — down from 422k (revised negatively from 418k) a week earlier. A slight drop to 415k was expected by the analysts. (Event A on the chart.)

Pending home sales index unexpectedly rose from 88.8 to 90.9 in June — that’s 19.8% above the June 2010 reading. Last month, there was registered a 15.5% yearly increase. 14.7% growth was forecasted for today’s report. (Event B on the chart.)

EUR/USD as of 2011-07-28

If you have any comments on the recent EUR/USD action, please reply using the form below.

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