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Commentary Topic from greenfaucet

Record Decline in Existing Home Sales Spooks USD/JPY

U.S. equities are trading higher this morning, which helped lift higher yielding currencies and force the U.S. dollar to give up some of its recent gains. Existing home sales was the only piece of meaningful U.S. economic data released today and despite the record decline in home sales, the initial impact on the dollar was nominal. After last week's blood bath, a relief rally has swept across the financial markets.