Swing Trades: EUR/USD, NZD/USD
|EUR/USD: US Building Permits
The US Dollar was slightly weaker against the Euro in the wake of the country's real estate market data. The EUR/USD exchange rate added 6 pips to touch the intraday high of 1.2265.
Building permits were down 0.1% to a 1.30M units rate in December, adding to a total 4.7% rise to a rate of 1.26M units in 2017, the strongest level in ten years. The reports also revealed that the US homebuilding activity decreased more than anticipated by the end of 2017 to mark its largest drop in just a year, due to a steep fall in the single-family housing units construction. Housing starts dropped 8.2% to a seasonally adjusted yearly rate of 1.19M units, which is expected to be transitory amid solid demand for housing, driven by a strong labour market.
NZD/USD: Business NZ Manufacturing Index
The Kiwi depreciated against the US Dollar on a fading activity in the New Zealand's manufacturing sector. The NZD/USD currency pair dropped 0.21% or 15 base points to the 0.7291 mark, but kept trading in the 0.7300 area.
New Zealand's manufacturing activity grew at its weakest pace in nearly five years in the last month of 2017. The Business NZ survey showed that the seasonnaly adjucted Manufacturing Index decreased to 51.2 from 57.7 in the prior month. The stark downturn in growth was mostly caused by a surprise election results, which ended the era af National Party, providing the helm for the Labour-led governemnt with uncertainties over its decisions on emmigration and foreign investment.
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