Despite a lack of any important European economic data EUR/USD advanced from early London lows of 1.5840 on the back of renewed weakness in the U.S dollar to exchange at 1.5925 in the lead up to the release of March U.S existing home sales.
Sales of existing homes fell 2.0% to an annual rate of 4.93 million in March, down from 5.03 million posted in February. The continued weakness in the property sector was enough to send EUR/USD to a high of 1.6015 and USD/JPY down from 103.55 to a low of 102.65.
In other news the Bank of Canada cut its official interest rate by 0.5% to 3% with the markets initial reaction sending the USD/CAD from 1.0060 to 1.0150 within an hour. Many analysts had been expecting the result and with U.S home Sales then coming in on the weak side it quickly reversed to finish the session back at 1.0080.