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New Home Sales declined 9.2%

Wednesday, Feb 24 2016
Purchases of new homes dropped more than forecast in January as contract signings slumped in the western U.S. by the most since May 2010. Sales declined 9.2% to a 494,000 annualized pace after a 544,000 rate in December that was the strongest in 10 months, Commerce Department data showed Wednesday. The median forecast of economists called for 520,000. Sales in the West fell 32.1%.
 The drop in January brings new-home purchases more in line with the steady pace of progress since the end of the recession. Persistent job creation, signs of bigger wage growth and cheap borrowing costs are buoying sales and helping alleviate the weakness in factory output tied to sluggish global demand.
 
Euro is currently being traded few points above 1.1030 level, Sterling is around 1.3940 handle, while Aussie is around 0.7160 area.
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