US New Home Sales - Currency Trading Update

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by: fxsolutions
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Date: Wed, 12 Oct 2011 Time: 6:35 AM
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Join Joseph Trevisani, Chief Market Analyst at leading forex trading broker FX Solutions (http://www.fxsolutions.com/), as he provides a report of forex activity and news for 26th September 2011, including US New Home Sales.

"Sales of newly constructed homes in August fell to the lowest level in six months keeping any potential contribution to an economic recovery from the constructions trades and allied industries to a minimum.

New home purchases dropped 2.3% to a seasonally adjusted annual rate of 295,000 in line with economists' estimates and down slightly from the revised 302,000 figure for July.

Despite prices that continue to push lower, the median and average prices both fell 8.7% in August to $209,100 and $246,000, and have returned to the general level of early 2004. Even though mortgage rates are at historic minimums, the large overhang of unsold existing homes and the foreclosure pipeline combined with the depressed labor market and the sputtering economy are inhibiting buyers."

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About the Author

Forex trading involves substantial risk of loss and is not suitable for all investors.

About FX Solutions

FX Solutions is a leading online Forex trading broker with a focus on advanced trading technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.

FX Solutions' products are regulated in the United States, United Kingdom and Australia. FX Solutions in the United States is regulated as a member of National Futures Association, and registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. In the United Kingdom, FX Solutions is a registered trading name of City Index Limited which is authorized and regulated by the Financial Services Authority. FX Solutions in Australia is a registered trading name of City Index Australia Pty Ltd. which is authorized and regulated by the Australian Securities and Investments Commission.

For more information on how to trade Forex online, please visit www.fxsolutions.com www.fxsol.co.uk and www.fxsolutions.com.au