EURUSD – Up
EURUSD trading plan:
Sales of new U.S. single-family homes unexpectedly rose in May, but the rebound is likely to be temporary as home prices continue to increase and the average contract rate on a 30-year fixed-rate mortgage approaches 6%, reducing affordability. New home sales jumped 10.7% to a seasonally adjusted annual rate of 696,000 units last month, the Commerce Department said. The average contract rate on a 30-year fixed-rate mortgage increased this week to more than a 13-1/2-year high of 5.81%, from 5.78% last week, according to data from mortgage finance agency Freddie Mac. The rate has surged more than 250 basis points since January. The median new house price in May surged 15.0% from a year ago to $449,000. There were 444,000 new homes on the market at the end of May, up from 437,000 units in April.
Investment idea: sell 1.0590 and take profit 1.0509
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