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US Home Sales data is released at 15.00 BST today, and could cause considerable market movement on what has so far been a fairly static day for the GBP / USD pairing.

Traditionally America has relied upon the housing market to drive them out of recessions in the past, and although that looks unlikely this time round if these figures deviate from what are expected I would think it is likely to cause considerable market movement. Figures are expected to show a large improvement, from a 12.4% decrease last month to a near 7% increase this month.

Personally I could see these figures being slightly optimistic and wouldn’t be surprised if they are released to show a lower growth than 7%. As always with the Dollar though these figures may be interpreted as a sign of the World Economy and could cause a flight to safety effect, in which case investment in the Pound is likely to grind to a sudden short term halt.

Also keep an eye on US Durable Goods Data that preceeds the House Sales figures at 13.30 BST that could incite considerable movement on any US Dollar trade.

Keep in contact with your Currency Broker to ensure you are not risking your transfer by waiting until after this Data Release, or email me at jfm@currencies.co.uk.