Information from investing.com states, “The U.S. Commerce Department said that housing starts jumped 10.5% to hit 1.173 million units last month from October’s total of 1.062 million units”. This increase is quite far from the analysts’ forecasted 6.6% rise which supposedly tallying a 1.135 million in the list.
Relative to this, issuance of building permits rise gathering an increase in data by 11% to 1.289 million units last month compared to October’s total of 1.161 million. This data had easily surpassed market expectation that a decline of 1.0% to 1.150 million units would likely to occur this month.
As a result of a blooming market in the housing sector, the value of the U.S. dollar was able to cope, in moderation, with other major currencies in the world. According to investing.com, data are showing that the “US/JPY was up 0.16% at 121.87; EUR/USD was steady at 1.0925, off session lows of 1.0913; GBP/USD down 0.24% at 1.4999 while USD/CHF dropped 0.47% to 0.9868; the Australian dollar edged higher with AUD/USD up 0.09% at 0.7199 while NZD/USD held steady at 0.6763; USD/CAD climbed 0.60% to trade at a fresh 11-1/2 year high of 1.3815”.
This moderate increase in the value of the US dollar has been affected, at the same time, by the disappointing expectations in the U.S. industrial production which was reported with a decreased of 0.6% from the previous month dated.
As a whole, the U.S. dollar index, which is a tool which measures the greenback’s strength against other six major currencies, was raised 0.10% at 98.30.