USD Strong Ahead of Home Sales & Syria Comments

home dollar

At 10:00AM EST (New York Time) U.S. Pending Home Sales will be announced today.

The U.S. Dollar is strong against the Euro and the Yen as markets wait for the U.S. Pending Home Sales announcement.

Economists forecast a 0.2% rise in pending sales today. July brought about a -0.4% decline, which was still better than it’s forecast. June blew the forecast out of the water with a 6.7% jump in the face of a 1.1% expectation.

Pending home sales are simply the amount of homes under contract to be sold, but still awaiting the closing transaction. It’s watched closely by investors and economists because it’s a top indicator for economic health (specifically showing consumer spending and housing sector activity). Strong deviations in the releases can bring about volatility in the forex market.

Expectation of Tapering continues in the U.S., no one knows a specific timeline, but housing activity is surely something that the Fed is keeping their eyes on.

Syria and the U.S.

Talks of the U.S. bombing Syria in reaction to their recent use of chemical weapons have intensified. If an attack were to happen over the weekend, markets would be closed and Sunday gaps could be expected.

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