Disappointing Philly and Home Resale Data, however economic momentum remains - 19.4.2012

Report on the home resale market and the Philly Manufacturing were worse than expected for March. Existing home sales figure fell to 4.48 million, 0.12 lower than the February 4.60 million, while the expected number was at 4.62 million. At the same time the Philadephia Fed Manufacturing Index falls to 8.5 from previous level at 12.5. However the composite index of Leading Indicators rose by 0.3 per cent to 95.7, the highest level since June 2008.

The US dollar index was trading in a narrow channel and fell at the time of news from 79.90 to 79.70 level. However it remained in the narrow range format without violating the bottom level at the 79.51 either the upper level at the 79.98.