Pending home sales surged 6% in April, surpassing the consensus 4.3% estimate as buyers scrambled to collect their tax credits. Fears remained that home sales would suffer after the expiration of the credit, but the strong gain was taken as an encouraging sign of remaining demand in the housing market.
Car and truck sales data will be released at 2PM ET. Edmunds reported ahead of the data that U.S. auto makers' average incentives spending per vehicle fell 1% as inventory levels dropped and sales rebounded.
Meanwhile, the dollar gained ground after Yukio Hatoyama resigned as Japan's prime minister. The three-month dollar Libor edged higher, but remained short of the 10-month peak it reached last week.
(not that good, but also is not that bad")
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