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U.S. existing home sales in May settle in line with forecast

Investing.com -

Investing.com - U.S. existing home sales rose in line with forecasts in May, reinforcing optimism over the health of the housing market, according to a report released on Wednesday by the National Association of Realtors.

The industry data showed that home resales rose 1.8% in May to a seasonally adjusted 5.53 million units from the 5.43 million units in April that was revised from the initial read of 5.45.

The consensus forecast was for a 1.1% increase to 5.54 million units.

The data helps to gauge the strength of the U.S. housing market and is considered to be a key indicator of overall economic strength.

After the report, EUR/USD was trading at 1.1327 from around 1.1311 ahead of the release of the data, GBP/USD was at 1.4764 from 1.4727 earlier, while USD/JPY traded at 104.60 compared to 104.58 before the release.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.50, compared to 93.68 ahead of the report.

Meanwhile, U.S. stock markets were mixed after the open. The Dow Jones Industrial Average gained 43 points, or 0.24%, the S&P 500 traded up 3 points, or 0.14%, while the NASDAQ Composite inched down 3 points, or 0.06%.

Elsewhere, in the commodities market, gold futures traded at $1,267.85 a troy ounce, compared to $1,269.65 ahead of the data, while U.S. crude oil traded at $50.12 a barrel from $50.19 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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