US Existing Home Sales Pace Highest Since 2007, EUR/USD Falls

EUR/USD dropped today as US existing home sales pace reached the highest level in more than a decade. Markit PMIs were disappointing, but that did not help the currency pair very much. The euro was also under pressure from this weekend’s French elections and yesterday’s terrorist attack.
Markit services PMI slid from 52.8 in March to 52.5 in April instead of rising to 53.7 as analysts had predicted. Markit manufacturing PMI also logged a decline, falling from 53.3 to 52.8, missing the forecast of 53.9 as well. (Event A on the chart.)
Existing home sales climbed from 5.47 million in February to 5.71 million in March. This time the actual value was better than forecasts of 5.61 million. The March’s sales pace was the fastest since February 2007. (Event B on the chart.)

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