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U.S. new home sales surged more than expected in April as a tax credit for house purchases expired. Sales rose 14.8% to a pace of 504K in the month, much higher than the 3.4% and 425K expected. The prior month’s sales pace was revised to 436K from 411K. The U.S. dollar found some strength on the back of the data and USD/JPY rallied to a high of 90.67 but quickly pulled back to 90.50. The market seems to be taking the strong data with a grain of salt because it may have been strongly influenced by the tax credit expiration. Next month’s data for May should have a very large giveback.
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