US housing data is marginally below expectations for January: housing starts are down 2% to 1.0650, but this comes on an upwards revision of December’s data. Building permits fall 0.7% to 1.053 million. PPI falls 0.8% and core -0.1%.
The US dollar is not strongly affected by the misses so far.
US building permits were expected to advance to 1.08 million (annualized) and housing starts carried expectations for a slide to 1.07 million. PPI was predicted to fall by 0.4% m/ and core PPI to rise by 0.1%.
The dollar was stronger against the euro and the yen, but weaker against the surging pound.
USD/CAD was on the rise. Canada released its wholesales sales at the same time. Canada surprised to the upside with a jump of 2.5% instead of 0.3% predicted.
More US data is released later on, but the big event of the day comes only much later with the FOMC Meeting Minutes.
More:
- Greece to ask for some sort of extension tomorrow – EUR/USD not buying it
- EUR/USD: One Last Push; USD/JPY: End Of 2-M Range? – BofA Merrill
