Investing.com - The National Association of Home Builders/Wells Fargo housing market index rose more than expected in April, easing concerns over the health of the housing market, industry data showed on Wednesday.
In a report, NAHB said that its Housing Market Index increased to 56.0 this month from 52.0 in March. Analysts expected the index to rise to 55.0 in April.
A level above 50.0 indicates a favorable outlook on home sales, below indicates a negative outlook.
“As the spring buying season gets underway, home builders are confident that current low interest rates and continued job growth will draw consumers to the market,” said NAHB Chairman Tom Woods.
EUR/USD was trading at 1.0645 from around 1.0636 ahead of the release of the data, GBP/USD was at 1.4794 from 1.4784 earlier, while USD/JPY was at 119.33 from 119.38 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.05, compared to 99.08 ahead of the report.
Meanwhile, U.S. stock markets were higher after the open. The Dow 30 rose 0.5%, the S&P 500 tacked on 0.55%, while the Nasdaq Composite advanced 0.4%.