Coffee prices rally two percent in American trade

Coffee futures surged over two percent in American trade as the dollar index inched down according to their inverse relation, which follows earlier data from the U.S. on the housing market. 

As of 07:51 GMT, coffee futures due on May 16 rose 2.01% to $161.74 a bushel from the opening of $158.55, with an intraday high at $161.80, and a low at $158.53, while the dollar index shed 0.15% to 99.66 from the opening of 99.72. 

Earlier U.S. data showed existing home sales fell 3.7% in February to an annualized 5.48 million units, compared to January's 3.3% rise to 5.69M, while analysts expected a 2.5% drop to 5.48M. 

The Housing Price Index came at zero in January, as analysts expected a 0.4% rise, same as in December, and finally, the Energy Information Administration released its report on U.S. crude stocks showing a larger than expected buildup last week.