Existing Home Sales m/m comes in at -1.7% against -0.6% consensus

Existing Home Sales m/m in the United States registered a decline of -1.7% for the latest period. This figure came in below the market consensus expectation of -0.6%. The actual print also followed the previous month’s revised figure of -2.4%. The surprise against consensus was -183.3%.

Following the release, market reactions were observed across major currency pairs and gold. As of 15 minutes after the print, AUDUSD moved -1.9 pips, EURUSD moved -3.0 pips, and GBPUSD moved -0.8 pips. NZDUSD saw a move of -2.3 pips. USDCAD moved -3.9 pips, USDCHF moved +2.8 pips, and USDJPY moved +3.4 pips. XAUUSD moved -36 pips. These initial moves are generally small when compared to the median 1-hour moves observed after past releases, which typically range from 6 to 12 pips for the currency pairs and 26 pips for XAUUSD.