U.S. Pending Home Sales Rose in January 2012

According to the U.S. pending homes sales report, which was published yesterday, the real estate market has changed direction as pending home sales rose during January 2012; furthermore the January 2012 U.S. pending home sales index was well above the January 2011 index.

The U.S. pending home sales index increased by 2% in January 2012 compared with the December’s 2011 index, from 95.1 to 97. The January 2012 index was 8.0 percent above the January 2011 index, which stood back then at 89.8.

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 picked up in January, despite the recent drop in this index in December. This positive news of a slightly increase in pending home sales, might be among the factors to trade up the U.S. dollar during yesterday’s trading. Currently the US dollar is traded slightly down against the Euro:

Current Nymex crude oil price, short term futures (March 2012 delivery) is traded down by 0.45%, at $108.07 per barrel as of 14:45*.

Current gold price, short term futures (March 2012 delivery) is traded at $ 1,779 per t oz. a $4.9 increase or 0.28%, as of 14:45*.

Euros to USD is currently traded up at 1.3423 a 0.19% increase as of 14:46*.

(* GMT)

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