US: Pending Home Sales rise by 0.7% in May vs. -3.7% expected

Pending Home Sales in the US rose modestly in May.
US Dollar Index stays in negative territory below 104.00.

Eren Sengezer FXStreet

The monthly data published by the National Association of Realtors showed on Monday that Pending Home Sales rose by 0.7% on a monthly basis in May following April's decline of 4%. This print came in better than the market expectation for a contraction of 3.7%.

Despite this monthly increase, Pending Home Sales were down 13.6% on a yearly basis.

Market reaction

These figures don't seem to be having a noticeable impact on the dollar's performance against its rivals. As of writing, the US Dollar Index was down 0.2% on the day at 103.90. Meanwhile, The Dow Jones Industrial Average and the S&P 500 indexes were both flat on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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