US: Pending Home Sales rise by 0.8% in February vs. -3% expected

• Pending Home Sales in the US increased unexpectedly in February.
• US Dollar Index clings to modest recovery gains slightly above 102.50.

Pending Home Sales in the US rose by 0.8% on a monthly basis in February, the data published by the National Association of Realtors showed on Wednesday. This reading followed January's increase of 8.1% and came in better than the market expectation for a decrease of 0.8%.

On a yearly basis, Pending Home Sales declined by 21.1%, compared to analysts' estimate for a decline of 29.4%.

Market reaction

The US Dollar Index showed no immediate reaction to these data and was last seen trading modestly higher on the day at 102.60.