U.S. pending home sales rise sequentially in December, likely to rebound further in Q1 2018

Pending home sales in the U.S. rose sequentially in December. The index of pending home sales rose 0.5 percent, consistent with the consensus expectations. However, the activity was not evenly distributed throughout regions. Pending home sales dropped 5.1 percent in the Northeast region, while it fell 0.3 percent in the Midwest.

The falls in those regions were countered by a rebound in the South that recorded a rise in sales of 2.6 percent. Also, the West recorded a rise in sales of 1.5 percent. Overall, the pending home sales indicate towards some further rebound in existing home sales in the first quarter of 2018, noted Barclays in a research report.

Pending home sales, which track signed contracts on single-family homes, condos, and co-ops, generally lead existing homes sales by about 1.5 to 2 months. However, existing home sales are expected to remain constrained by a lack of available inventory, added Barclays.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 24.0093. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest