Standard and Poor’s data expected to show drop in home prices

NEW YORK (Forex News Now) – Standard and Poor’s is due on Tuesday to publish its monthly house price index, the Composite-20 HPI, in a major realtime forex news event.

The report is expected to show that annualized change in the selling price of single-family homes in 20 metro areas dropped by 0.1% in October, according to online FX trading analysts, after rising by 0.6% the previous month.

The financial services company is scheduled to release the report at 2:00 P.M., GMT; as such the data should impact currency market trading during the day.

However, the release of the report may be overshadowed an hour later by data from the Conference Board Inc. on consumer confidence.

According to EUR/USD analysis, a smaller-than-expected drop in house prices, or even an increase, could push the currency pair toward short-term support around the Dec. 20 low of 1.3094.

But should the data show a greater drop than expected, EUR/USD could lift toward short-term resistance around the Dec. 10 high of 1.3282.