The US dollar jolted 10-20 pips lower across the board after the extremely weak new home sales data but the moves have mostly been wiped out. Similarly, the S&P 500 fell 6 points at the lows but is back to where it was before the report.
There has been non-stop chatter about housing weakness cutting into Q2 growth since the report but it hasn’t translated into market moves. That’s probably best read as a sign of the underlying strength of the trends in the market today.
