U.S. Pending Homes sales rose more than expected in the month of March according to the monthly report produced by the National Association of Realtors. The NAR report showed that pending home sales contracts signed by buyers increased by 3.2 percent 
in March following a revised 2.0 percent gain in February. Market forecasts had predicted the sales data would show no change or remain flat for the month. The pending home sales level is 1.1 percent above the March 2008 level.
NAR chief economist Lawrence Yun commented in the report about the increased sales figures this month, “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment.”
Regionally, pending home sales increased the most in the southern United States with a 8.5 percent rise in March. Sales also increased in the west by 3.9 percent while decreases were seen in the northeast by 5.7 percent and the midwest by 1.0 percent for the month. On an annual basis, sales gains were registered in the south, west and midwest by 7.7 percent, 1.7 percent and 8.2 percent, respectively. The northeast pending home sales have fallen by 24.1 percent on an annual basis.
US Dollar lower in forex trading.
The U.S. dollar has been trading lower in forex trading against the major currencies in the US morning session today. The dollar has fallen against the euro, Australian dollar, British pound, Japanese yen, Swiss franc and Canadian dollar while trading about unchanged against the New Zealand dollar.
The euro has advanced versus the dollar as the EUR/USD has gone from today’s 1.3323 opening exchange rate at 00:00 GMT to trading at approximately 1.3364 in the morning of the US trading session at 11:41am EST according to currency data by Oanda.
The British pound has increased today versus the American currency from 1.4959 to trading at 1.4984 dollars per pound. The dollar has decreased against the Canadian dollar after the USD/CAD’s opening at 1.1819 earlier today to trading at 1.1781 later.
The Australian dollar has also traded higher versus the USD as the AUD/USD trades at 0.7386 after opening today at 0.7348 while the New Zealand dollar is virtually unchanged versus the USD and trades at 0.5742 after opening at 0.5741.
The dollar has decreased against the Japanese yen today as the USD/JPY has come down from its 99.46 opening to trading at 99.10.
Meanwhile, the USD has fallen against the Swiss franc today as the USD/CHF has declined from the 1.1338 opening to trading at 1.1280.
GBP/USD Chart – The British Pound Sterling advancing today against the US Dollar in Forex Trading and looking to advance above the notable 1.5000 exchange rate level.
