Data released shortly ago in the United States showed negative pending home sales data at the end of last June, as the index reading came significantly worse than market expectations.

According to data released today, Wednesday, the pending home sales index within the United States recorded a decline of 8.6% during last June, while market expectations indicated a decline of only 1.1% during the same period. The last reading of the index during May had witnessed the index growing by about 0.7%, and it was revised negatively to only 0.4%.

This index measures the change in the number of homes sold under contract that are still awaiting closing, excluding new construction within the United States.

A higher than expected reading of the index positively reflects on currency movements. This index is considered one of the main indicators of economic health because home sales have a broad multiplier effect.