US housing numbers come in within expectations – dollar

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US building permits stand on 0.94. They were expected to advance to 0.95 million after 0.92 previously, and housing starts came out at 0.90. They were predicted to hit 0.91 million after 0.84 million beforehand. The data is for July 2013. No big surprises.

EUR/USD was trading very steadily just under 1.3350 before the release, remaining on high ground after the dollar meltdown yesterday. USD/JPY was just under 97.50. No big movements are recorded.

Update: EUR/USD is now moving higher above 1.3350. USD/JPY is down to 97.34. GBP/USD is a more serious movier, rising above 1.5650. Will it tackle 1.57?

Another significant mover is AUD/USD, which rises above 0.92.

In addition, the US published Nonfarm Productivity for Q2, which rose by 09%. It was expected to rise by 0.5% and unit labor costs, which rose by 1.4%, as expected, after a big fall beforehand. Both figures are preliminary.

Yesterday, the US published a big drop in jobless claims and solid inflation numbers. This raised QE tapering expectations and strengthened the US dollar. However, a weak Philly Fed number eventually turned into a dollar meltdown. The week is not over yet.

There is one last big release this week: the first release of the University of Michigan’s Consumer Sentiment. See how to trade the consumer sentiment number with USD/JPY.

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About Author

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.

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