The National Association of Realtors reported today that monthly Pending Home Sales index rose by 4.1 per cent while the expected was at 1.2 per cent increase. The trend is positive in the housing market as the index compared to the February figure is advancing. Additionally, the index climbed 10.8 per cent on year by year basis indicating that there is economic growth, buyers appear willing to buy more houses.
As soon as the housing data were released the US dollar value per Euro moved sharply higher from the 1.3211 to the 1.3253 as there was increasing risk appetite by investors due to the better than expected news. That move provided gains to the short term euro-bulls which seem to be covering fast the long positions. Furthermore, the freshly created highs at 1.3262 were tested and held, the EURUSD was lastly seen at the 1.3237.