According to the recent U.S. pending homes sales report the market changed direction as pending home sales fell during December 2011; on the other hand the December 2011 U.S. pending home sales index was well above the December 2010 index.
The U.S. pending home sales index declined by 3.5% in December 2011 compared with the November’s 2011 index, from 100.1 to 96.6. The December 2011 index was 5.6 percent above the December 2010 index, which stood back then at 91.5.
This index is a forward looking indicator and considers only the contracts signed and not closing.
This index might suggest that the growth in the U.S. pending home sales has slowed downed in December, despite the recent rally in this index in past months. This negative news of a slightly fall in pending home sales, might be among the factors to trade down the U.S. dollar during yesterday’s trading. Currently the USD is traded down against the Euro and major commodities prices are rising:
Current Nymex crude oil price, short term futures (February 2012 delivery) is traded up by 0.90%, at $100.29 per barrel as of 11:34*.
Current gold price, short term futures (February 2012 delivery) is traded at $ 1,721 per t oz. a $18.5 increase or 1.09%, as of 11:28*.
Euros to USD is currently traded up at 1.3139 a 0.2518% increase as of 11:42*.
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