Home sales had been expected to dip further but they surprised to the upside with affordability improving. Sales in February rose 5.1% while prices versus a year ago fell 15%. Mortgage rates are a good deal lower as well.
Equities are responding favorably to the news and risk aversion is lessening, helping JPY crosses. EUR/JPY is rebounding, now at 131.40 after a dip to 130.85 just ahead of the data.
