US: Pending Home Sales rise by 8.1% in January vs. 1% expected

• Pending Home Sales in the US rose sharply in January.
• US Dollar Index stays in negative territory below 105.00.

Pending Home Sales in the US rose by 8.1% on a monthly basis in January, the data published by the National Association of Realtors showed on Monday. This reading followed December's increase of 1.1% (revised from 2.5%) and came in much better than the market expectation for an increase of 1%.

On a yearly basis, Pending Home Sales declined by 24.1%, compared to analysts' estimate for a decline of 37.5%.

Market reaction

The US Dollar stays on the back foot after this data and the US Dollar Index was last seen losing 0.5% on the day at 104.75.