U.S. Housing Market in 2013 Influencing the Forex Market

The Housing market in the United States is off to an excellent start in 2013. According to Reuters, the housing market is up 12.1%, the highest since June 2008. The housing market in 2012 seemed to improve and Thursday’s figures suggest significant momentum for this first quarter of 2013.

Unemployment Claims
Also hitting 2008 figures were Monday’s initial unemployment claims. Falling 37K, unemployment claims hit a staggering low of 335,000. This unemployment news may not be an indication of a new or accelerated trend in unemployment. The figures could be partially due to a new way of calculating the statistics and seasonal changes in employment.

Looking at the USD/JPY, new levels could be broken today. If today’s close is above the 89.5 level and we do hit new highs, it is possible we will see a bullish continuation against the ever-so-weak Japanese Yen. The good U.S. Dollar news helped push the USD/JPY upward and could give it the strength it needs to overcome 89.5 as the Forex market digests the news today.

Click to enlarge the chart.


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