USD slightly offered after bad Home Sales data

  • US Existing Home Sales arrived at -4.9 % vs -0.8 % expected
  • USD is trading with an offered tone after the data
  • NAR is noting “January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows”
  • USD/JPY dropped to 118.80; good bids reported ahead of the 118.20 support area
  • USD/CAD is back sub-1.26, but remains very well bid
  • 1.2540/50 is the next support area to keep an eye on

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