FXstreet.com (Barcelona) - U.S. markets have opened with moderate losses after weaker than expected U.S. PPI and Housing Starts data have outbalanced corporate earnings figures The Dollar remains consolidating at low levels although it has trimmed losses against Euro on negative Wall Street opening.
Dow Jones Index drop 0.3% while the Nasdaq Index sheds another 0.3%, and the S&P Index declines 0.35% half an hour after the opening bell.
On the macroeconomic front, downbeat U.S. PPI and Housing data has damaged investors confidence; U.S. PPI has declined 0.6% from August to September, while it dropped 4.8% sin the last twelve months, a well larger decline than the -0.2% monthly and -4.1% yearly drop expected by the analysts.
Furthermore U.S. housing Starts increased 0.5% in September to a seasonally adjusted annual rate of 590,000 units, too short of the 2.0% increase forecasted by market analysts. On top of that building permits, a gauge to assess future construction activity, have declined 1.2% to a 573,000 annual rate, against the experts expectations of a 2.8% advance.
Dollar trims losses against the Euro
EUR/USD has reversed from 1.5000 resistance area and after the latest attempt to break session high at 1.4995, the Euro has dropped below intra-day low at 1.4950, to hit a fresh session low at 1.4925 so far.
GBP/USD remains hovering right below 1.6500 area after its bounce from 1.6350 was halted at 5-week high 1.6495. Att the moment of writing, the Pound trades at 1.6460.
USD/JPY rebound at 90.05 session low has been capped at 90.60, and the pair eased back to 90.15 on the back of U.S. Housing and PPI data, at the moment of writing, the Dollar trades at 90.40.