Data expected to show rise in new US home sales

NEW YORK (Forex News Now) – The US Census Bureau is due on Thursday to release key data on new home sales, in one of the last events of interest for FX traders just before Christmas.

The report is expected to show that the annualized number of sales of new family homes rose to 301 thousand in November, according to online FX trading news outlets, up from the October rise of 283 thousand.

The bureau is scheduled to release the report at 3:00 P.M., GMT; as such it should affect currency market trading late in the day.

However, the report may be overshadowed by data being released earlier in the day on initial jobless claims and on the value of durable goods orders.

According to EUR/USD analysis, should the data show a lower-than-expected rise in home sales, or even a decrease, it could lift the currency pair toward short-term resistance around yesterday’s high of 1.3181.

But should the number of new home sales rise even more than expected, it could push EUR/USD toward short-term support around the Nov. 30 low of 1.2968.