HiFX: Foreign Exchange Specialists

• Headlines

June 9, 2008

Pending home sales jumped up 6.3% during April, rebounding from its worst level on record. With this result many economists are hopeful that the release signals the potential bottom in the housing slump.  According to Federal Reserve Chairman Ben Bernanke’s recent comments, the economy will remain in danger of weakening further until the housing slump reaches a bottom.  As such markets welcomed the news of pending home sales increasing pushing the U.S. dollar to trade up nearly 0.4% against a trade weighted basket of currencies.