BREAKING: EURUSD ticks higher after US housing data

US pending sales data for June was released today at 3:00 pm BST. Report was expected to show a 1.4% MoM increase in sales in June, following a 2.1% MoM drop in May. On an annual not-seasonally adjusted basis, pending home sales were expected to be 7.4% YoY lower, what would be a deeper drop than 6.6% YoY decline reported in May. 

Actual report turned out to be mixed. On one hand, pending home sales increased 4.8% MoM, much more than expected by analysts. However, on an annual basis drop deepened to 7.8% YoY, deeper than expected.

However, there was no major reaction in the USD market, with EURUSD ticking slightly higher in response. This is most likely due to the fact that pending home sales are considered second-tier data, especially on the day when FOMC rate decision will be announced (7:00 pm BST).

Source: xStation5