After January’s four-and-a-half year high, the number of U.S. New Home Sales likely fell in February. January showed us an annual rate of 437,000, a pace unseen since July 2008.
Today’s figures, expected to drop to 426K, are still significantly positive. It’s safe to say that momentum in the US housing market is not over.
Conditions seem to favor continued or sustained increase in the housing market, especially with mortgage rates being near all-time lows.
Today’s Forex Market
So far today, the U.S. Dollar appears to be slightly weak. As 10:00am EST comes today, New Home Sales and the CB Consumer Confidence figures will likely bring some volatility to the USD. You can be sure that investors and economists have their eyes and ears open, ready to see if the housing market is continuing to look favorable.
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