US May housing starts have come in stronger than expected at 532k unit rate, some way better than median forecast of 490k and up from 454k in April. The data has helped lift risk sentiment a little and undermine the USD. EUR/USD is up at 1.3920, cable up at 1.6490.
Permits meanwhile came in at 518k, better than consensus 500k, and up from 454k in April.
May PPI came in at +0.2% m/m, -5.0% y/y, weaker than median forecasts of +0.6% and -4.4% respectively.
