BREAKING: USD muted after disappointing housing market data

US housing market data for April was released today at 1:30 pm BST. Report was expected to show small month-over-month increase in building permits as well as quite a big jump in housing starts, following declines in March.

Actual report turned out to be a disappointment, with housing starts growing less than expected and building permits unexpectedly dropping. However, market reaction was rather muted. EURUSD moved higher in a knee-jerk move but has quickly erased this jump and is now trading a touch lower compared to pre-release levels. US index futures are also trading lower.

US, housing market data for April

• Building permits (nominal): 1440k vs 1480k expected (1467k previously)
• Building permits (growth): -3.0% MoM vs 0.9% MoM expected (-3.7% MoM previously)
• Housing starts (nominal): 1360k vs 1420k expected (1321k previously)
• Housing starts (growth): 5.7% MoM vs 7.6% MoM expected (-14.7% MoM previously)

Source: xStation5