EUR/USD – US housing stats underwhelm

on Aug 16, 2013

**, Friday 16 August:**

The Eurozone’s Harmonized Index of Consumer Prices for July m/m was in line with expectations for a 0.5 percent decline, following June’s 0.1 percent growth. The inflation indicator matched forecasts for year-on-year increase of 1.6 percent, equal to the prior period’s reading.
And the Eurozone’s Trade Balance Seasonally Adjusted for July checked in with a surplus of €14.9 billion, falling a tad short of analysts’ estimates for €15.3. Offsetting the improvement over the prior €13.8 billion was the latter’s downward revision from €14.6 billion. The non-seasonally adjusted number though, showed a rise in the surplus from the prior €14.5 billion (revised down from €15.2 billion) to €17.3 billion.

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US Building Permits for July was reported a short time ago at 943,000, marginally below forecasts for a rise to 945,000 from June’s 918,000, revised up from 911,000.
US Housing Starts for July at 896,000 disappointed expectations for 905,000 but the number was still well up on the prior period’s 846,000, revised up from 836,000.
Following housing stats that improved but stayed below expectations, the euro resumed its uptick against the USD, with the pair currently visiting 1.3365, 0.14 percent up intraday.
The preliminary reading of the Thomson Reuters/University of Michigan Consumer Sentiment Index for August is scheduled for release at 14.55 BST, with forecasts for a rise from June’s 85.1 to 85.6. The UoM index is widely anticipated each month, being both a leading indicator of US consumption and for the dollar.


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