BREAKING: USD ticks higher after solid housing market data

US housing market data for May was released today at 1:30 pm BST and it turned out to be a huge positive surprise. Building permits increased 5.2% MoM and reached 1491k - the highest level since February 2023. Meanwhile, housing starts rallied 21.7% MoM to 1631k - the highest level in over a year.

USD ticked higher following the release with EURUSD dropping around 0.1%. US index futures traded mostly flat following housing market data report. Gold dropped amid USD strengthening/

US housing market data for May

• Building permits: 1491k vs 1425k expected (1417k previously)
• Building permits (%): +5.2% MoM vs +0.6% MoM expected (-1.4% MoM previously)
• Housing starts: 1631k vs 1400k expected (1401k previously)
• Housing starts (%): +21.7% MoM vs -0.1% MoM expected (+2.2% MoM previously)

US housing starts and building permits surged in May. Source: Macrobond, XTB

EURUSD moved lower following US housing market data print. Source: xStation5