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20 Jun 2023

US: Housing Starts jump 21.7% in May, Building Permits rise 5.2%

Housing Starts in the US rose sharply in May.
US Dollar Index gained traction and rose above 102.50.

The monthly data published by the US Census Bureau revealed on Wednesday that Housing Starts rose 21.7% on a monthly basis in May following the 2.9% decline (revised from +2.2%) recorded in April. This reading surpassed the market expectation for a decline of 0.8% by a wide margin.

In the same period, Building Permits rose 5.2%, compared to analysts' estimate for a 5% contraction.

Market reaction

The US Dollar Index gained traction with the immediate reaction to these data and was last seen posting small daily gains at 102.55.

Jun 20, 2023

USD/CNH: Further consolidation on the cards near term – UOB

USD/CNH is now likely no trade within the 7.0900-7.1800 range in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang

USD/CAD: Door open for renewed weakness ahead – Scotiabank

The CAD has drifted a little lower in quiet trade. Economists at Scotiabank analyze USD/CAD technical outlook. Softer trading remains the more likely