EURUSD, H1
US new home sales surged 16.6% to a 619k annual rate in April, wow, the highest since January 2008, after a 1.3% drop in March to 531k (revised from 511k). February’s 519k was bumped to 538k for a net 44k upward revision. The months’ supply dropped to 4.7 from 5.5 (revised from 5.8). Regionally, sales were up in 3 of the 4 regions covered, paced by strength in the South and West, with the Midwest posting the only decline on the month. The median sales price bounced 7.8% to $321,100 from a revised $297,900 (was $288,000). That’s up 9.7% y/y. The strength in this report is a big surprise and should leave Treasury yields pressured higher. The dollar rallied marginally to session highs following the strong new home sales data. EURUSD edged under 1.1150 from 1.1165, as USD-JPY topped 109.90 from near 109.80.
Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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