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Housing Starts increased most since February

Tuesday, Jul 19 2016
New-home construction in the U.S. rose more than forecast in June, providing some momentum for residential real estate near the end of its busy selling season. Residential starts increased 4.8 percent to a 1.19 million annualized rate, the most since February, from 1.14 in May that was lower than previously estimated, Commerce Department data showed Tuesday in Washington. Permits, a proxy for future construction, also climbed. 
Permits climbed 1.5 percent to a 1.15 million annualized rate, matching the median forecast of economists surveyed by Bloomberg. Because the number of applications were lower than starts, it suggests it will be difficult to sustain last month’s gain in home building. Beginning construction of single-family houses rose 4.4 percent to a 778,000 rate, the most since February, from 745,000 in May.
 
Euro is currently being traded few points above 1.1020 area, Sterling is at 1.3140 level, while Aussie is around 0.75 level.
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