No Glory End for the US Economy
Skerdian Meta • 1 min read
The US Dollar has had a pretty good week so far. The FED rate hike gave the USD another push after being in an uptrend for a month. The US economic data has been quite positive as well, but today´s US housing sector numbers ruined the good run.
The slight decline in the US building permits was balanced out by the higher revision in October, but the miss in US housing starts was quite considerable. A 140k miss is very notable and the decline from the previous month is even bigger.
Hopefully, this bump on the road won´t turn into a reversal
That said, the jump in housing starts in October was huge, so perhaps the US house buyers took a moment to breathe in November. There doesn't seem to be any reaction in USD pairs, apart from EUR/USD which made a 30 pip jump.
The US housing starts chart shows the quick reverse in November, but that´s just a bump if you look at the broader picture. Although not as strong and with a long way to go until we reach pre-crisis levels, the trend looks unbreakable.