The US dollar continues to strengthen as the 10:00 ET release of US New Home Sales fell more than expected. Indeed, sales of new homes plummeted by 10.2 percent in January to a record low of 309,000 (see chart below), which is in line with the dismal existing home sales results we saw yesterday. A breakdown of the report shows that supply levels are steadily increasing, as they rose by 1.1 months to 13.3 months, as a 13.5 percent drop in median prices from a year earlier to $201,100 hasn't helped to spur demand. Furthermore, the news suggests that the housing recession is far from over.
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