More Soft US Data Today Housing

EURUSD, H4                   

U.S. housing starts fell 5.5% to 1.092 mln in May after falling 2.8% to 1.156 mln in April (revised from 1.172 mln), and 7.7% in March to 1.189 mln (revised from 1.203 mln. Single family starts declined 3.9% after the prior 0.2% rise (revised from 0.4%), while multi-family starts dropped 9.7% following a 9.6% drop previously (revised from -9.2%). Regionally, starts tumbled in the South and Midwest, unchanged in the Northeast, and increased in the West. Building permits were down 4.9% last month following a revised 2.5% decline in April to 1.228 mln (was 1.229 mln). May housing completions rebounded 5.6% from -7.7% in April (revised from -8.6%). Data are weaker than expected and the dollar slipped.  USDJPY retreated to 111.00, as EURUSD edged up to 1.1170.  The H4 support resides at 1.1130, whilst resistance hovers around the 1.1220 zone.


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Stuart Cowell

Senior Market Analyst


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