US Housing Starts, Building Permits Surprisingly Rise In April
US Housing Starts, Building Permits Surprisingly Rise In April
US housing starts and building permits data for the month of April surprisingly improved, as starts rose to 1032K while applications for permits rose to 978K. However, the less-volatile three-month averages for both indexes eased to 1031K and 964K, respectively, indicating that the US housing collapse is far from over. Meanwhile, a breakdown of the housing start index shows that the increase was centered primarily on multi-family homes, as demand for rental units increases as it becomes less attractive and more difficult to purchase a home.
The US dollar has strengthened on the news, pushing EUR/USD down toward 1.5450, as the markets bet that the Federal Reserve’s rate cut cycle is over.
DailyFX
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