Housing starts for May
- US housing starts were weaker than expectations at 1092K vs 1220K est. This is the lowest since September
- Prior was 1156K(revised from 1172K)
- Single family starts -3.9%, Multi family starts drop -9.7%
- -5.5% vs +4.1% exp
Big miss for housing starts.
Building permits were also weak:
- Building permits 1168K vs 1249K est. Lowest since September.
- Building permits fall -4.9% vs 1.7% est
- Prior was unrevised at 1228K
The USD is trading lower after the data.
- The USDJPY has moved from 111.32 to 111.11
- The EURUSD has moved from 111.69 to 111.82