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.

Eren Sengezer FXStreet

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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