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