US Housing Remains Strong – Adds to Optimistic Market

4

The number of building permits rose from 0.87 to 0.90 million in the US during November, better than 0.87 that was expected. Housing Starts dropped from 0.89 to 0.86 million, just below 0.87 that was expected.

These numbers show a small advance, but they are huge in comparison to the previous year. The housing sector remains the strong spot of the US economy.

Building permits stood on 0.68 million, a 32% advance and housing starts stood on 0.69 million in November 2011, nearly 25% higher.

Hopes about a resolution to the fiscal cliff, better than expected German business confidence and a general “Santa Rally” have pushed the safe haven dollar and yen lower, while other currencies celebrate.

EUR/USD made a very impressive breakout.

Get the 5 most predictable currency pairs

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 the 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.