Wednesday, April 20, 2011

Existing U.S. Home Sales Get A Break In March

Sales of existing homes for March rebounded by 3.7% to a seasonally-adjusted annualized rate of 5.1 million, beating expectations for 5.0 million. The Feburary fall was cushioned by an upwards revision to 4.92 million units instead of the originally-reported 4.8 million units. The median price, though, dropped.

U.S. equity markets liked the news, unsurprisibly, but gold seemed to too - surprisingly. The U.S. Dollar Index has basically been stuck at where it was since regular trading began, but gold mounted a modest climb from below $1,502 when the news was released to $1,504 twenty minutes after. $1,500 has begun to act as a support level. This rise could be attributed to a jump in WTI crude to above $110 at the time.

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