Swing Trades: EUR/USD, NZD/USD

EUR/USD: US Existing Home Sales

The EUR/USD currency pair continued to appreciate on the better-than-expected data on home sales in the US. The Greenback lost 7 base points against the Euro to keep strengthening further to the 1.1895 area.

The US home sales rose more than anticipated in November to reach the highest level in 11 years, indicating that the property market growth started to regain momentum after procrastination for the most of the year. The National Association of Realtors stated that the country’s exciting home sales increased 5.6% to a seasonally adjusted yearly rate of 5.81M units due to lingering recovery of hurricanes-hurt areas. However, the market activity remained constrained by a shortage of available properties, which kept prices elevated.

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NZD/USD: NZ Gross Domestic Product

The Kiwi rose markedly against the US Dollar on the report showing the New Zealand’s economic momentum accelerating in the September quarter. The NZD/USD currency pair strengthened 0.42% or 29 base points to 0.7002, trying to remain above the 0.7000 level.

The New Zealand’s economy marked the better-than-anticipated annual growth pace of 2.7% in the Q3. Meanwhile, the quarterly expansion eased to 0.6% in the same period, following an upwardly revised 1.0% gain in the prior quarter. However, downturns in some sectors indicated to a muted outlook than the country’s new government would prefer. The report provided the reason for the RBNZ to keep interest rates unchanged at a record low as the inflation pulse remained weak.

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