FX Closing Comments

The big story today was the U.S. existing home sales figure, which came in 5.2% higher than the previous month. This was the steepest rise in 2-year and seems to have quashed, for the time being, worries of slacking housing market. Although markets will be looking forward to tomorrow's follow-up new home figure, the number bodes well for consumer spending, and in turn, growth. The Dollar reacted by rising across the board. Many Dollar pairs are now sitting just above support levels. If the new housing numbers are similarly strong, support/resistance levels could be broached on Friday.