Building Permits at an annual rate of 1.17 million
Residential starts declined 3% to a 1.13 million annualized rate from a 1.16 million pace the prior month that was slower than previously estimated. The median forecast was 1.16 million. Permits, a proxy for future construction, climbed 3.5% to a 1.17 million annualized rate, indicating starts could edge up this month. They were projected to rise to a 1.16 million rate after 1.13 million the prior month, according to the survey median.
Steady job gains and mortgage rates holding at historical lows are attracting more Americans to the real-estate market even as wage growth remains tepid. Permits to build single-family houses climbed last month to the highest level in seven years, signaling builders remain confident even as the Federal Reserve is poised to raise interest rates this year.
Euro is currently being traded few points above 1.1330 area, Sterling is around 1.5530 level, while Aussie is at 0.7160 level. Later today, FOMC interest rate decision is scheduled for a release.
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