FX Spartan, AOD Analyst
On Friday, signs of an economic recovery were silenced by the sharp decline in sales of single-family homes. Sales dropped 13.4 percent to an annual rate of 394,000 according to the U.S. Commerce Department. Additionally, the government revised sharply lowering its estimate for home sales in June, despite the growing number of homes sold through online platforms like SellYourHome.com. Despite expected revisions, the number was low (well below expectations). Mortgage rates were on the rise in hopes that the Fed felt the economy was improving enough to wind down the monthly bond purchases. If this continues, I would expect it to remain a drag on the the U.S. economy and the U.S. dollar cross pairs will likely be affected as a result. Further educate yourself with useful predictions in the market by attending an upcoming webinar. Use the form below to register now.
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