EUR/USD up 0.43%. US housing starts dropped, while building permits rose in May.

EUR/USD rose today. As of 6:00 PM EDT the pair was trading at 1.1276, which represents 0.43% increase from the previous close.

US shares moderately fell today. Below is presented the performance of major indices:

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  • DJIA closed at 17,675.16, down 0.33%.
  • Nasdaq Composite dropped 0.92% finishing at 4,800.34.
  • S&P 500 closed at 2,071.22, which is 0.33% lower than the previous close.

US housing starts dropped in May, but building permits rose, indicating modest progress in housing market.

According to the report from the Commerce Department, the US housing starts declined 0.3% to a seasonally adjusted 1.16 million units, while the building permits grew 0.7% to a 1.14-million units in May.

“Single family builders are slowly, but surely, gaining ground on what has been a strong four years for multifamily construction.We expect the relative rise in single-family starts to continue to into the remainder of the year as single-family builders play catch-up and rent increases soften in many major markets.” said Ralph McLaughlin, chief economist at Trulia.

Oil prices jumped 4% today, after declining for six days in a row. The WTI Crude closed at 47.98 USD/bbl up 3.83%. The Brent Crude was trading at 49.25 USD/bbl as of 5:45 PM EDT, which represents 4.37% increase from the previous close.

“It’s mainly Brexit at the moment, at least until next Thursday, before people start to look at the more fundamental oil/commodity drivers again” said Hans van Cleef, the senior energy economist at ABN Amro.

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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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