US pending home sales expected to slow dramatically

ForexNewsNow | Published on December 30, 2010 at 3:30 am

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NEW YORK (Forex News Now) – The National Association of Realtors is due on Thursday to release important data on US pending home sales, in one of the day’s major realtime forex news events.

The report is expected to show that the number of homes under contract to be sold but still awaiting the closing transaction (excluding new construction) rose by just 1.8% in November, online FX trading news sites reported, after rising by 10.4% in October.

The association is due to release the report at 3:00 P.M., GMT; as such the data should have a big impact on currency market trading today.

However, the release of the report may be overshadowed by data on new jobless claims, set to be released by the Department of Labor a little earlier.

According to EUR/USD analysis, an even lower-than-expected rise in pending home sales could lift the currency pair toward short-term resistance around 1.3280, the high of Dec. 8.

But should the data show a greater-than-forecast rise, EUR/USD could push toward short-term support around Tuesday’s low of 1.3094.

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