Pending Home Sales m/m comes in at -5.4% against 2.6% consensus

Pending Home Sales m/m came in at -5.4%, significantly below the consensus expectation of 2.6%. This figure also marks a decline from the previous month’s reading of 3.8%. The actual print represented a -307.7% surprise compared to the consensus forecast.

Following the release, the US Dollar showed varied movement against major pairs over the initial 15 minutes. AUDUSD was up 1.9 pips, while EURUSD was down 2.5 pips. GBPUSD declined by 1.9 pips, and NZDUSD saw a minor dip of 0.2 pips. Against the CAD, USD was up 4.5 pips, against the CHF, USD was up 2.7 pips, and against the JPY, USD was up 4.7 pips. Gold, XAUUSD, was down 24 pips. These measured moves are generally smaller than the typical median 1-hour moves observed after past releases, such as the median 8 pips for AUDUSD, 12 pips for EURUSD, 15 pips for GBPUSD, 8 pips for NZDUSD, 11 pips for USDCAD, 9 pips for USDCHF, 13 pips for USDJPY, and 22 pips for XAUUSD.