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US building permits 1.04m, housing starts 1.03m – as

US building permits stand at 1.04 million annualized, a slide of over 5%. Housing starts are at 1.03 million, slightly below expectations, a slide of 1.6%.

The US dollar is marginally stronger after the publication.

US building permits were expected to  stand at 1.06 million (annualized) in November. Housing starts were predicted to stand at 1.04 million. Both are slight drops in comparison to October.

The dollar was generally weaker against major currencies such as EUR, GBP and JPY while showing strength against commodity currencies, especially against the Canadian dollar.

At the same time, Canada released manufacturing sales which carried expectations for a drop of 0.4%. Canadian  Foreign Securities Purchases were predicted to show a surplus of 5.21 billion.

The big story is the ongoing fall in oil prices with the consequent collapse in the value of the Russian ruble.

More:  5 reasons for the surge of EUR/USD

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.