US: Pending Home Sales decline by 10.2% in September vs -5% expected

• Pending Home Sales in the US fell at a stronger pace than expected in September.
• US Dollar Index trades flat on the day below 111.00 following earlier rally.

Pending Home Sales in the US declined by 10.2% on a monthly basis in September, the data published by the National Association of Realtors showed on Friday. This reading followed August’s decrease of 1.9% and came in much worse than the market expectation for a contraction of 5%.

On a yearly basis, Pending Home Sales plunged by 31%, compared to analysts’ estimate for a decline of 10.5%.

Market reaction

The dollar stays under modest bearish pressure after this data and the US Dollar Index was last seen trading virtually unchanged on the day at 110.62.