U.S. Housing Starts Actual 0.46M, Expected 0.52M, Previous 0.51M
U.S. Building Permits Actual 0.49M, Expected 0.53M, Previous 0.52M
Release Explanation: This report covers the number of new residential Starts and residential Building Permits issued each month, reported on an annualized basis. The reports act as leading indicators on housing market sentiment and the overall economy because they have an important influence on new & existing home sales, employment, retail sales, durable goods orders and GDP as new additions are fitted out with fixtures and fittings. “A currency will eventually be affected by these numbers as they are the first phase in the home construction process.” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 494,000, 3.3% below the revised March rate of 511,000 and 50.2% below the revised April estimate of 991,000
Single family authorizations in April were at a rate of 373,000, 3.6% above the revised March figure of 360,000.
Privately owned housing starts in April were at a seasonally adjusted annual rate of 458,000. This is 12.8% below the revised March estimate of 525,000 and is 54.2% below the revised April 2008 rate of 1,001,000.
Forex Technical Reaction: S&P futures are still positive but off of the highs of the morning. The dollar has strengthened across the board in reaction to the release.