New House Sales Figure Stalls Dollar Run

Recovery hopes for the US economy took a hit today after the US New home sales posted a dived to a seven month low. In addition, although the University of Michigan Confidence index recorded a rise this morning, it still failed to meet expectations and thus placed the dollar under further pressure.

As a result, the EURUSD succeeded in climbing for the first time in five sessions by hitting highs of 1.4365 before retracting to its present value of 1.4330.

The Bank of England minutes were released this morning showing that the committee was in a wait and see mode after concluding that little had changed since November. As a consequence, the GBPUSD has remained camped below 1.6000 throughout the day ending the session at 1.5950.