EUR/USD at 1.1356. US housing starts dropped 8.8% in March.

EUR/USD increased today. As of 6:00 PM EDT the currency pair was trading at 1.1356, which is 0.38% above the previous close.

US shares were mixed today. Below is presented the performance of major indices:

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  • DJIA closed at 18,053.60, up 0.27%.
  • Nasdaq Composite lost 0.40% finishing at 4,940.33.
  • S&P 500 closed at 2,100.80, which represents a 0.31% increase from the previous close.

According to the Commerce Department data released today, the US Housing starts dropped 8.8% in March from a month earlier to a seasonally adjusted annual rate of 1.089 million. It represents the lowest figure since October 2015. The analysts have estimated a decrease of 1.17 million units.

Starts on single-family homes declined 9.2% to 764,000 and Starts on multifamily buildings with five or more units dropped 8.5% to 312,000.

“It’s not just American consumers stepping back a bit this year, homebuilders also lost steam. This means the two key drivers of the expansion have lost their pep, which explains why the Fed will probably lift rates, at most, a couple of times in 2016.” said Sal Guatieri from BMO Capital Markets.

“The housing recovery seems stuck in neutral. We’ve seen strength in the labor market, improvement in consumer confidence, yet the housing recovery has been in low gear.” reported Millan Mulraine from TD Securities.

Oil prices rose today on Kuwait strikes. The WTI Crude closed at 40.96 USD/bbl, up 2.97%. Brent Crude was trading at 43.99 USD/bbl as of 5:34 PM EDT, which represents a 2.52% increase from the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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