US: Pending Home Sales increase by 5.9% in July vs. 3% expected

• Pending Home Sales in US rose more than expected in July.
• US Dollar Index stays in the positive territory near 93.20 after the data.

Pending Home Sales in the US rose by 5.9% on a monthly basis in July following June's increase of 15.8% (revised from 16.6%), the data published by the US National Association of Realtors showed on Wednesday. This reading came in better than the market expectation of 3%.

On a yearly basis, Pending Home Sales increased by 15.5%, compared to 6.3% in June.

Market reaction

This data was largely ignored by market participants, who continue to assess the Federal Reserve's new strategy that targets average inflation. As of writing, the US Dollar Index was up 0.36% on the day at 93.22.