Housing starts declined but were slightly firmer than expected in May, at a seasonally adjusted annualized rate of 202,337 down 13.3 percent from April’s revised 233,410, which was the strongest level since June of last year. The 6-month moving average trend measure fell to 201,983 from 205,717 previously. The monthly headline decline was led by 14.4 percent decrease in urban units to 186,946, dominated by an 18.5 percent drop in multiples to 141,851. Urban single units rose 1.8 percent 45,095.
The USDCAD is basically unchanged, so are oil prices, markets are focused on President Trump’s decision not to impose tariffs on Mexico removed one obstacle for Congress to approve his North American trade deal, however this wasn’t the only obstacle that was in the way. The White House still has a few more wrinkles to iron before congress ratifies the agreement.
Currently Close Range
USDCAD 1.3260 1.3267 1.3226-1.3281
EURCAD 1.5003 1.5035 1.4967-1.5027
GBPCAD 1.6822 1.6891 1.6795-1.6893
CA: Housing Starts May 233.4K 202.4K