New home sales rise in US
New home sales in the US have beaten market expectations, rising 11% on the month to June, with an annual growth rate of 384,000. This news led currency exchange rates for the US dollar to decline as investors were prepared to take on risk. The rise in home sales is the largest in eight years and led to further speculation that the property market slump is easing.
Falling house prices and interest rates at record lows have stimulated interest in first home buyers in the US. US currency exchange rates currently stand at EUR0.7030 and GBP0.6071. The greenback has gained on the yen and New Zealand dollar.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.