Forecast: Report expected to show drop in U.S. home sales

ForexNewsNow | Published on November 23, 2010 at 5:51 am

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NEW YORK (Forex News Now) – The U.S. National Association of Realtors is due on Tuesday to publish its monthly data on home sales across the country, in a report that could affect currency market trading.

According to various surveys, the report is expected to show a drop in home sales for the first time in three months, with estimates ranging from 3.85 million to 4.7 million. Purchases were recorded at 4.53 million in September.

The association is set to release the report 10 A.M., EST, so the data should be of interest for FX traders today.

Several other reports due to be released today could affect the dollar, including a preliminary release of the third quarter GDP reading.

According to indicator analysis on realtime forex news sites, the expected fall in existing home sales indicates that housing is slowing economic growth.



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