U.S Pending Home Sales Climb by 5.9% - 27.6.2012

U.S Pending Home Sales rose more than anticipated, by 5.9 per cent in May, compared to the previous month's drop by 5.5 per cent. Economists according to Bloomberg survey were expecting an increase by 1.5 per cent however the National Association of Realtors announced a higher figure. The latter is confirming the recovery in the Housing Market in May, signaled earlier this week by the New Home Sales increase which advanced to a new high since May 2010. The Housing Market has been supported by very low mortgage rates and a decline in jobless rate over the last two years. Finally, the US dollar against the Japanese Yen moved higher after the release of the housing data penetrating the resistance at 79.72 and climbing to 79.81.