US May pending home sales -6.9% y/y vs -9.6% y/y expected

• Prior reading was -9.4% y/y (revised to -9.3%)
• In m/m terms, sales rose 6.1%
• Prior m/m was +0.4% (revised to +0.5%)

The US dollar continues to come under pressure against the pound and euro despite the better number. Treasury yields are moving higher and the risk is that the dollar could turn around. That said, it’s the final day of the quarter and non-sensical markets are always the risk.