The EURUSD recorded a record high at 1.29499 after a consistent bullish mood from the pair yesterday. It all started well for the USD when the 5.00 pm news (GMT+8) German Ifo Business Climate, fell, which is expected, and chalked a fine 1.2567. It seems that the pair is going down but it is not the case. A hike from that point sent the greenback crashed.
Added to it was the Existing Home Sales News at 11.00 pm which really gave the EUR a boost. The pace of sales of existing homes in the United States fell 3.1 percent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years, a National Association of Realtors report showed on Monday.
Economists polled by Reuters were expecting home resales to set a 5.00 million-unit pace. September’s figure was revised downwards to 5.14 million from 5.18 million. The inventory of existing homes for sale slipped 0.9 percent to 4.23 million from 4.27 million in September. The median national home price declined 11.3 percent from a year ago to $183,300, the lowest since March 2004 when the median price was $183,200.
The percentage drop in prices was the biggest since the NAR started keeping records in 1968.
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