The Greenback weakened versus the Euro following the release of US existing home sales report. The EUR/USD pair increased 11 base points, or 0.09%, to hit the 1.2334 level, reflecting the decline in the resales of American homes.
The US National Association of Realtors reported that in January the existing home sales slumped for the second month in a row. Contrary to economists’ expectations for the number to have surged 0.9%, existing home sales declined 3.2% in the reported month. It was the largest drop on year-to-year basis over the three-year period. Yet, the demand for housing is increasing due to the boosting labor market, which results as a shortage of buying opportunities for some potential first-time buyers.
