New home sales fall much faster than expected

June is the busiest time of the year for US new home sales but a surprising drop in the month showed sales at the slowest pace (seasonally adjusted) since November.

The data set has been accelerating and existing home sales hit a post-crisis high in June, so it may be a one-off.

In any case, the US dollar fell 15-20 pips across the board on the report. Some of the moves were short-lived as with home sales still up 17.5% y/y.

But every bit counts as the Fed struggles to decide when to raise rates.

USDJPY 1 minute chart