Home buyers weren’t held back by COVID

OFX Daily Market News

Posted by OFX

USD – United States Dollar

New home sales exceeded expectations according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development.

Single-family houses in May 2020 increased by 12.7% compared to May 2019. Its an 16.6% increase above April’s revised 580,000 home sales. In May, the seasonally adjusted rate was 676,000. However, the positive sentiment was not received well. Over the last 24 hours, the US dollar was down 0.72% against the Euro and 0.68% against the Pound.

In upcoming releases, Japan, Germany, America and the Eurozone release PMIs.

Key Movers

The Australian and Kiwi dollars benefited from broad based USD weakness overnight. After hitting highs just above 0.6935, AUD/USD fell to lows under 0.6860 while NZD/USD hit lows of 0.6437. As with GBP and the EUR, both the antipodean currencies regained much of their loses and start today’s trading pretty much unchanged.

For the most part, the Pound regained much of its early loses through Monday trading, moving from a low of 1.2335 back above the 1.24 handle. Overnight Asia trading seemed to be shaping up to continue the same path, however, during an interview with Fox News, Assistant to the President Peter Navarro said that the US-China trade agreement was over.

Expected Ranges

USD/CAD: 1.349 – 1.356 ▲

GBP/USD: 1.243 – 1.253 ▼

EUR/USD: 1.123 – 1.134 ▼

USD/AUD: 1.434 – 1.455 ▼


Posted by OFX

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