This is JCLyons writing.
On Monday, April 05th at 10:00 am New York Time we will have US Pending Home Sales coming out. It is expected to come out at -1. Last month it came out at -7.6.
This is a very weak report to trade. Recently, it failed to move in a few occasions. Even last month when it came out at -7.6 vs 1 expected, it produced a very random price action:
Forex news trading currency exchange charts
Also, this Monday is a bank holiday in most European countries as well as in Canada. So expect a very thin volume.
We will also have US ISM Non-Manufacturing coming out. This is also unreliable indicator to trade. Last month a deviation of +2 did almost nothing, and then the price reversed.
Forex news trading currency exchange charts
If you like, you can still read what this indicator means and how it affects the US dollar by going to this link: US Pending Home Sales
It is always good to check how these reports performed in the past:
Forex News Trading | Details and History for USD ISM Non-Manufacturing Composite
Forex News Trading | Details and History for USD Pending Home Sales m/m
So my call is a no trade, especially that Monday is a national holiday in most major countries. Enjoy the break if you are lucky enough to live in such countries...
Peace from JCLyons
Sunday, April 4, 2010
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