US dollar trims gain as the economic releases failed to match the forex market expectation.
Chicago Fed National Activity Index (CFNAI), released by Federal Reserve Bank of Chicago registered a gain to 0.13 in January 2015, and the last reading was revised to -0.07.
US Existing Home Sales, released by the National Association of Realtors registered a decline of 4.9% which was a lot more than the expectation of -0.8%.
EURUSD and GBPUSD gained a bit after the release and managed to hold the ground.
Chicago Fed National Activity Index (US Dollar)
US existing home sales (US Dollar)
US Session Roundup
Today, during the NY session, a couple of releases were lined up, including the Chicago Fed National Activity Index and the US existing home sales report. The first one was the Chicago Fed National Activity Index (CFNAI), released by Federal Reserve Bank of Chicago. The market was expecting a stable reading this time, and the outcome was around the expectation with a reading of 0.13 in January 2015. The last reading was revised down from -0.05 to -0.07. The report mentioned that the CFNAI Diffusion Index increased slightly to +0.20 in January from +0.16 in December. Moreover, the 48 of the 85 individual indicators were on the contributing side to the CFNAI in January, and 37 made negative contributions.
Furthermore, the contribution of the consumption and housing category to the CFNAI increased to –0.10 in January from –0.13 in December, according to the report.
US Existing Home Sales
The US Existing Home Sales was also released by the National Association of Realtors. The forecast was lined up for a decline of 0.8% in January 2015. However, the outcome was on the negative side, as the US Existing Home Sales fell by 4.9% to a seasonally adjusted annual rate of 4.82 million. The US dollar was seen trading lower after the release, as the Euro and the British pound managed to gain ground.
The Futures for the Dow Jones Industrial Average fell to 18,082, and the S&P 500 index fell by 4 points to 2105. Moreover, the Futures for the Nasdaq 100 index was down to 4949.
The US dollar corrected lower against a basket of currencies, but the Aussie dollar continued to struggle and fell below the 0.7800 level. Let us see how it trades during the coming Asian session as sellers remain in control.
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