BREAKING: USD weakens in spite of strong housing market data

US housing market data for February was released today at 12:30 pm GMT. Report was expected to show a small increase in building permits compared to January as well as a big jump in housing starts, thanks to a relatively warmer weather.

Actual data turned out to be even stronger than expected with housing starts surging 10.7% MoM and buildings permits growing 1.9% MoM. However, in spite of this strong data, USD weakened with EURUSD moving slightly higher.

US, housing market data for February

• Building permits: 1518k vs 1500k expected (1489k previously)
• Building permits growth: 1.9% MoM vs 0.5% MoM expected (-0.3% MoM previously)
• Housing starts: 1521k vs 1435k expected (1331k previously)
• Housing starts growth: 10.7% MoM vs 8.2% MoM (-14.8% MoM previously)

Source: xStation5