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USD Regained After Home Sales Data

US dollar is trimming all its previous losses today after the Census reported better than expected and strong New Home Sales data. The data which comes out as anticipated never effects the market as it was already known but whenever there is data which unexpectedly surprises the investors effects the market a lot. In case of New Home Sales also market was expecting a weak data because of the bad weather and past weak housing data but the data came out to be strong. USDX which gauges the strength of US dollar against other major currencies surged to 2 week high of 80.51 and found resistance.80.51 was previously acting as support for the index.

 According to the Census Bureau the sales of new single-family houses in January 2014 increased 9.6% from the revised figure of December hitting the highest level since 2008 and 2.2% above the January estimate.