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U.S. home sales unexpectedly increased in January

U.S. home sales unexpectedly increased in January | 21 February 2022

21 February 2022, EUR/USD

U.S. home sales unexpectedly increased in January

EURUSD trading plan:

U.S. home sales unexpectedly increased in January. Existing home sales jumped 6.7% to a seasonally adjusted annual rate of 6.50 million units last month. Sales rose in all four regions, with strong gains in the Midwest, the most affordable region. Sales soared 9.3% in the densely populated South, which is experiencing an influx of residents from other regions as companies embrace remote work. Strong demand for housing against the backdrop of a strengthening labor market and massive savings is outstripping supply, curbing sales. Builders have been unable to significantly ramp up construction because of shortages and higher prices for inputs like softwood lumber for framing as well as cabinets, garage doors, countertops and appliances.

Investment idea: sell 1.1399 and take profit 1.1344.

David Johnson
Analyst of «FreshForex» company
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