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.
