FXstreet.com (Barcelona) - U.S markets are picking up and trade slightly higher following a larger than expected decline on Pending home sales and positive factory orders figures after a negative session opening. In FX markets, the Dollar has been weighed by U.S. data.
Dow Jones Industrials Index trades practically flat, while the Nasdaq Index advances 0.12%, and the S&P Index rises 0.15% in the first hour of trading.
On the macroeconomic front, U.S. pending home sales have declined 16.0% in November compared to October, beating analyst expectations of a 2.0% decline. Year on year. pending home sales have increased 15.5%.
Furthermore, factory orders have increased 1.1% in November, more than twice the 0.5% increase forecasted by market experts.
Dollar recovery stalls after U.S. Data
EUR/USD decline from 1.4485 session high at European opening has found support at 1.4385, and the Euro has bounced to 1.4435 after U.S. pending home sales and factory orders' figures. At the moment of writing, the pair trades at 1.4420.
GBP/USD decline from 1.6245 high on Monday has extended to levels right below 1.6000 on Tuesday although the pair has bounced up, reaching 1.6070 after the release of U.S data, to drop afterwards to levels around 1.6045. The Pound is finding it hard to return above 1.6050 (Jan 4 low)
USD/JPY Dollar decline from 4-month high at 93.20 on Monday has extended below 91.60 to a fresh session low at 91.20 after a larger than expected decline on U.S. pending home sales, to bounce up and test previous low at 90.60 at the moment of writing.