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US housing and jobs data falls short – USD extends falls

The US dollar bulls are hit once again by weak data: jobless claims rose to 294K, building permits came out at 1.04 million (1.08 exp.) and housing starts hardly recovered with 0.93 million (1.05 exp.). Revisions to previous figures were minimal. This is the third consecutive day of disappointments.

The greenback slides: EUR/USD is up from 1.0725 to 1.0760, USD/JPY is hardly holding on to 119 and GBP/USD establishes itself at 1.4920.

Disappointment after disappointment

US building  permits carried expectations for +1.08 million, a small slide from February. Housing starts were predicted to bounce back and hit 1.05 million after 0.90 million beforehand. The figures are annualized.  US jobless claims were expected to stand at 284K, ticking up from 281K seen last week (before revisions).

The US dollar was once again on the back foot. It had already recovered the losses following yesterday’s weak industrial output data and but dropped again towards the publication in choppy trading.

Before that, we had  a weak bounce in retail sales on Monday/ And beforehand we had the terrible NFP report. The data, all of it for the month of March already represents the spring, when cold weather already moved away.

Will the recovery be seen in April?

More:  EUR/USD: Temp Bounce; Parity Call Still Intact For Q3 – TD

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.