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EUR/USD Rallies on Record Pending Home Sales

November 2, 2009 by Andriy Moraru

EUR/USD rallied on the Forex market today after a series of macroeconomic reports were released in the United States. Both housing and manufacturing sectors showed some better-than-expected results and helped the euro to grow up against the U.S. dollar. Stock markets reacted with a more than 1% growth. EUR/USD is currently trading near 1.4836 after reaching as low as 1.4702 earlier today.

ISM PMI index rose from 52.6% to 55.7% in October, while only a little growth to 53% was expected by the traders.

Pending home sales index rose from 103.8 to 110.1 in September — that’s 6.1% monthly growth, which follows 6.4% growth in August and outperforms the expected fall of 0.4%. The index set its 8th record high value this month and is on its maximum since December 2006. The series of 8 gaining month is also a record for this index since its creation in 2002.

Total construction spending rose by 0.8% in U.S. in September compared to August. This report follows 0.1% drop during previous month (revised negatively from 0.8% gain). The median forecast for September’s value was 0.4% fall.

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

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