Forex - Dollar up as US median home price rises for first time in nearly a yr |
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Wed, 25 Jul 2007 15:37
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LONDON (Thomson Financial) - The dollar rose on the news that the median price for an existing home in the US rose in June, the first year-on-year rise for nearly a year.The existing home price in June increased 0.3 pct from June 2006 to 230,100 usd, the first annual rise for 11 months.This supported the dollar despite the news that the number of existing home sales fell 3.8 pct in June to a 5.75 mln unit annual pace, much lower than the expected 5.85 mln units. That puts June existing home sales at the lowest pace since November 2002, when the annual pace was 5.73 mln units.'The sales figures were weak but the market is more focused on house prices rather than turnover figures, so this is proving supportive to the dollar,' said Hans Redeker, head of forex strategy at BNP Paribas.At 3.12 pm the euro was trading at 1.3717 usd having been at 1.3727 before the data was released, while the pound was at 2.0523 usd, having been at 2.0538 beforehand.rachel.armstrong@thomson.comrar/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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CORRECTION Realtors expect US home prices to recover in 2008 