PPI and US Housing Starts and Building Permits lower than expected

Written August 18, 2009 at 8:32 AM EST by  

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Housing Starts fall to 581K from 587K
Building Permits came in at 560K versus 570K

US PPI MoM came in much lower at -0.9% vs -0.3% expected and 1.8% gain last month
Ex Food and Energy  -0.1% vs +0.1% expected and +0.5% last month

YoY came in lower at -6.8% vs -5.9% expected and down from -4.6% last month
Ex Food and Energy +2.6% vs 2.8% expected.

Stocks fell on the news and the intial reaction in the currency markets has been a reversal of the trends seen today with EURUSD, GBPUSD and USDJPY moving lower.  However, there has been a bounce back off the lows.  Watching 1.6413 in the GBPUSD and the 1.4082 level (close from yesterday on the EURUSD).

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