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U.S. new home sales slump 9.2% in January

Published 02/24/2016, 10:01 AM
© Reuters.  Purchase of new homes tumble from 10 month high
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Investing.com - U.S. new home sales sank from a 10-month high in January, boosting concern over the health of the housing market, official data showed on Wednesday.

In a report, the U.S. Commerce Department said new home sales dropped by 9.2% to a seasonally adjusted 494,000 units last month, compared to expectations for a decline of 4.4% to 520,000.

New home sales in December were revised down to an 8.2% increase, from the prior reading of a 10.8% advance.

EUR/USD was trading at 1.1020 from around 1.0990 ahead of the release of the data, GBP/USD was at 1.3941 from 1.3923 earlier, while USD/JPY was at 111.44, little changed from prior to the data.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.44, compared to 97.55 ahead of the report.

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