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December 2016

US building permits down in November

Published: Friday 16 December 2016

Today's trading revealed GBP to be the strongest currency, while the NZD weakest against all the major curriencies. The CBI trends data was stronger in the UK today which came out at 0 while it was expected -5. This could be possibly due to Christmas just around the corner as trades look towards the festive season.
The USD is mixed with gains against the CAD, AUD and NZD and down against the EUR and GBP. US building permit figures were poor, despite that the USD had a string of two consecutive up days against all the major currency pairs, taking it to the highest level in nearly 14 years.  US housing also fell 18.7% in November to adjusted annual rate of 1.090 million. The slump in housing starts follows a strong October reading, which registered the highest level of starts since 2007.  
Looking towards the week ahead of Christmas, we have Japanese rate decision and statement on Tuesday. We also have New Zealand’s Gross Domestic Product for the Thursday which is expected at 0.8%, previously at 0.9%. For the full December major releases calendar, click here to find out more. 
Latest FX news by William Busby