US: Pending Home Sales fall by 2.8% in January vs. 0% expected

• Pending Home Sales in US fell sharply in January.
• US Dollar Index stays deep in the negative territory below 89.80.

Pending Home Sales in the US decreased by 2.8% on a monthly basis in January following December's increase of 0.5%, the data published by the US National Association of Realtors showed on Thursday. This reading came in higher than the market expectation of 0%.

Further details of the publication showed that Pending Home Sales on a yearly basis rose by 13%, compared to analysts' estimate of 19.5%.

Market reaction

US Dollar Index remains under strong bearish pressure after this report and was last seen losing 0.5% on the day at 89.73.