EUR/USD Climbs After Lower Than Expected New Home Sales

EUR/USD currency pair surged today as reports about durable goods orders and new home sales both posted less-than-expected values. The currency pair actually began its rally before the reports and the data just supported existing trend. The reason for the previous advance was most likely unexpectedly improving German business confidence. EUR/USD trades now at 1.3468.
Durable goods orders dropped 1.3% in August, following the 0.7% decline in July. Market participants expected a smaller decrease by 0.9%.
New home sales in the US were at a seasonally adjusted annual rate of 288k. This is unchanged from the upwardly revised July rate and below the predicted valued of 292k.

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