US: Housing Starts rise by 9.8% in February vs. -0.6% expected
|- Housing Starts and Building Permits in US rose sharply in February.
- US Dollar Index stays under modest bearish pressure despite upbeat data.
The monthly data published by the US Census Bureau revealed on Thursday that Housing Starts increased by 9.8% on a monthly basis in February following January's 2% decline. This reading came in much better than the market expectation for a drop of 0.6%.
In the same period, Building Permits surged by 13.8%, compared to the market expectation for a contraction of 0.5%.
Market reaction
The US Dollar Index stays on the back foot despite the upbeat data and was last seen losing 0.37% on the day at 104.34.
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