Markets opened after the Easter holiday, but there were few events to move them. The only macroeconomic indicator released in the United States today missed expectations, and it may be partially responsible for today’s rally of EUR/USD.
Existing home sales were at the seasonally adjusted annual rate of 5.21 million in March, missing market expectations of 5.31 million. Furthermore, the February figure got a negative revision from 5.51 million to 5.48 million. (Event A on the chart.)
On Friday, a report on housing starts and building permits was released. Housing starts were at the seasonally adjusted annual rate of 1.14 million in March, almost unchanged from February, whereas analysts had predicted an increase to 1.23 million. Building permits were at the seasonally adjusted annual rate of 1.27 million, down from 1.29 million in the previous month. The median forecast had promised an increase to 1.3 million. (Not shown on the chart.)
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