10:00am NY Time US Existing Home Sales Forecast 5.01M Previous 5.05M
ACTION: USD/JPY BUY 5.40M SELL 4.60M
We’ll be looking forward to trade the U.S. Existing Home Sales today, and since Housing news is one of the more important news event out of the US, this news release will certainly cause some volatility in the market, especially if our tradable figures were hit.
It is also important to consider that ever since the New Home Buyer’s credit was extended last year, housing sector in the U.S. has been on a decline as there is no pressure until mid of 2010. With the income tax due in April next month, we’ll probably see a stronger release then… However, we may start to see demand rise gradually.
As usual, our deviation is the usual 400K, therefore on a release of 5.40M or better, we’ll be looking to BUY USD; on a release of 4.60M or worse, we’ll be looking to SELL USD.
Definition:
“Measures the annualized number of existing residential buildings that were sold during the previous month. A rising trend has a positive effect on the nation’s currency because large purchases tend to be made by consumers that are optimistic and confident in their financial position. The sale of a home also triggers commissions for real estate agents, and often home owners will purchase goods such as appliances and furniture shortly after purchasing a home. Traders watch this report closely as it’s the month’s first demand-side housing indicator to be released.”
Related posts:
- Forex Strategy For US Existing Home Sales 07/20/11
- Forex News Trading US Existing Home Sales 06/21/11
- Forex Analysis For US Existing Home Sales 09/21/11
- US New Home Sales 02/24/2010
- US New Home Sales 03/24/2010
- Forex News Trading US New Home Sales m/m 03/23/11
- Forex News Trading US New Home Sales 02/24/11
- US New Home Sales Forex Trading Plan 10/27/10
- Forex News Trading US New Home Sales m/m 04/25/11
- Forex Trading News US Existing Home Sales 08/18/11
