EURUSD – Up
EURUSD trading plan:
New U.S. home-building activity fell to a nine-month low in June and permits for new construction projects slipped as well, the latest indication of a cooling housing market as surging mortgage rates reduces affordability. Housing starts fell 2% to a seasonally adjusted annual rate of 1.559 million units last month, the lowest level since September 2021, the Commerce Department said. Data for May was revised higher to a rate of 1.591 million units from the previously reported 1.549 million units. Building permits for single-family homes – an indicator of future construction – declined 8% to a rate of 967,000 units, the lowest since June 2020. Starts for housing projects with five units or more rose 15% to a rate of 568,000 units, and were up 16.4% from a year earlier. Single-family starts were down 15.7% from June 2021.
Investment idea: buy 1.0210 and take profit 1.0271.
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