US Existing Home Sales Rise to 6.54 Million in September, above the estimates of 6.3 million and rising from the 5.98 million the previous month.
Notably Existing home sales fell during April, May and June due to the pandemic of coronavirus.
In March this year, existing home sales hit a recent high of 5.76 million units in the month, collapsing over the next three months to 3.91 million sales in June. From that moment on, sales in the US real estate market have recovered strongly, reaching their highest level since April 2007 in September.
The release of the data has not generated any reaction in the currency markets, as the attention of investors remains on the Additional package of fiscal aid in the US and in the final presidential debate that will take place tonight between the current president, Donald Trump, and the candidate Joe Biden.
Sale of existing homes (MoM)
The sale of existing homes, published by the Association of Realtors, provides an estimate of the conditions of the housing market. Since the housing market is considered a sensitive factor for the US economy, this report generates volatility in the dollar. A high reading is bullish for the dollar, while a low result is bearish.
Credits: Forex Street