Forex Pros - U.S. existing home sales rose more-than-expected in January, rising to an eight-month high industry data showed on Wednesday.
In a report, the National Association of Realtors said that existing home sales rose to a seasonally adjusted 5.36 million units in January, compared to 5.22 million units in December, whose figure was revised down from 5.28 million.
Analysts had expected existing home sales to rise to a seasonally adjusted 5.23 million units in January.
Commenting on the report, Lawrence Yun, chief economist for NAR said, "The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence."
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD surging 0.75% to hit a three-week high of 1.3751.
Meanwhile, U.S. equity markets were down. The Dow Jones Industrial Average dropped 0.25%; the S&P 500 index slumped 0.14%, while the Nasdaq Composite index was down 0.22%.
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.