FXstreet.com (Barcelona) - U.S. markets are going through gains well beyond 1.0% , on the back of a larger than expected increase on existing home sales. The Dollar attempts to pick up from session lows.
Dow Jones Industrials Index advances 1.40%, while the Nasdaq Index gains 1.75%, and the S&P Index trades 1.60% above its opening level in the first hour of trading.
The Dollar has depreciated across the board on Asian and European sessions weighed by James Bullard, president of the Federal Reserve Bank of St. Louis, who told Dow Jones Newswires that the Fed should continue buying mortgage backed securities beyond the program's scheduled cut off.
On the macroeconomic domain, Sales of second.hand houses have increased well beyond expectations in the U.S. in October, 1.01% up to an annual rate of 6.1 million units, instead of the 5.70 million annual rate expected by market analysts.
Dollar attempts to pick up from session lows
EUR/USD bounce from Friday's low at 1.4810 , has extended on Asian and European session's rally, to levels right at 1.5000 key resistance, although the Euro has pulled down to 1.4970 after housing data.
GBP/USD has rallied from Asian session lows at 1.6470 to 1.6650 high on European session, and the Pound is pulling down to levels around 1.6615, on Dollar strength after housing data.
USD/JPY remains trading in a range roughly from 88.55/65 to 89.00 on the upside. After failure to break lower on early European session, the pair has picked up and is testing 89.00 at the moment of writing on the back of better than expected housing figures.