Written by DailyFX | Mar 24 07 08:15 GMT | | In comparison to equities and debt, the currency market drew considerable momentum on Friday's better-than-expected housing data. Pairs like GBPUSD, USDCHF and EURUSD marked gains for the dollar. However, the moves themselves were no greater than those seen on Thursday when the Leading Indicator index and initial jobless claims were the only scheduled releases running across the tapes. In fact, this move was more likely the product of continuation from the previous day's turn on major levels of dollar support than a fundamental change in dollar traders' outlooks for economic expansion or Fed policy. | | Read more... | |
Written by DailyFX | Mar 24 07 08:12 GMT | | The release of existing home sales lent the US dollar a solid boost in morning trade as the figure jumped a significantly stronger-than-expected 3.9 percent in February - the sharpest rise in three years - to 6.69M from 6.44M. Although the figure for January was revised down to 2.7 percent from 3.0 percent, the markets took the report as unabashedly bullish for US housing and will likely fuel further speculation that the sector has bottomed out. The seemingly cheery data comes as Federal Reserve official Roger Cole admitted a degree of fault yesterday in the fallout of subprime lenders saying, "Given what we know now…we could have done more, sooner," which may be a more accurate indicator of the times ahead. | | Read more... | |
Written by CMS Forex | Mar 23 07 19:05 GMT | | The dollar rose versus the euro on Friday and pared losses against the yen after a report showed US existing home sales unexpectedly rose in February, reducing chances of Fed rate cuts. The yen was strong against most major currencies, supported by Japanese higher stocks and rising bond yields as property prices in Japan showed the first increase in 16 years. | | Read more... | |
Written by DailyFX | Mar 23 07 18:58 GMT | | Following through with the theme of the week, the February existing home sales report added another dimension to speculation surrounding one of the most besieged sectors in the US. When the indicator ran across the wires with an unexpected improvement, the dollar quickly turned higher against most of the majors, though large levels looked as if they would hold out through to the close of the week. | | Read more... | |
Written by MG Financial Group | Mar 23 07 17:21 GMT | | The dollar extended its gains after an upbeat housing data temporarily relieved some of the worries about the US housing market. US existing home sales rose 3.9% in February to an annual rate of 6.69 million units, beating the estimate of 6.31 million units. This was the biggest rise since March 2004. Traders reduced the odds on a Fed rate cut in the first half of the year after the data release. The dollar strengthened to 1.3289 and 1.9589 versus the euro and the sterling respectively. | | Read more... | |
Written by Wachovia Corporation | Mar 23 07 17:16 GMT | | Existing home sales rose unexpectedly in February to 6.69 million sales. This is the third consecutive month in which existing home sales have risen. The sales increases were broad based with increases in both the single family and condo markets. Regionally, the Northeast was the leader of the pack. We expect future volatility as we enter the warmer months. | | Read more... | |
Written by Union Bank of California | Mar 23 07 15:50 GMT | | The U.S. dollar rose modestly on Friday and pared its losses against the yen after data showed that U.S. existing home sales rose in February, beating expectations for a decline from the previous month. This morning's data release is of special interest to the markets given the problems in the subprime mortgage sector. There are fears that the subprime market turmoil could spill over to other sectors of the economy. The remainder of today's session should be fairly quiet; expect the dollar to consolidate in its recent ranges. | | Read more... | |
Written by GCI Financial | Mar 23 07 15:40 GMT | | Traders continue to reassess the Federal Open Market Committee's policy statement from two days ago wherein Fed officials noted policy "adjustments" may be needed, a departure from the policy "firming" mentioned in the previous "FOMC" statement. By and large, traders are now concluding the Fed may not be as neutral as it was perceived to be on Wednesday and this has led to some further dollar appreciation. | | Read more... | |
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