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US housing data comes out mixed – USD eventually rises

US housing starts beat with 1.206 million while building permits slide to 1.119 million, below expectations. The miss on permits seems larger than the beat in starts.

USD ignores and rises slightly against the euro and the yen, while extending its losses against the pound. “Mixed” was never better defined. Update: After some choppy trading, the US dollar emerges as a winner.

The Canadian dollar seems to like it more than others, gaining against the greenback despite oil prices scratching the bottom.

The US was expected  to see housing starts at 1.19 million in July after 1.174 in June (before revisions). Building permits carried expectations for a slide to 1.232 from 1.337 beforehand.

The US dollar traded in a mixed manner. The pound stood out with a big gain after stronger inflation  numbers. EUR/USD hovered in range.

Tomorrow we have more important events in the US:

  • Inflation data: While employment is strong, inflation is lagging behind. The latest numbers will provide  more data towards the Fed decision. See how to trade the US Core CPI with EUR/USD.
  • FOMC Minutes: The latest meeting minutes could also show how the Fed is thinking about employment, inflation and most importantly, the upcoming rate hike.

More:  EUR/USD: Final Call For Dollar Strength – Danske

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.