EUR/USD rose at the start of today’s trading session as macroeconomic data signaled about a stronger economy in the US. Philadelphia Fed Business Outlook Survey was particularly favorable, signaling about improving manufacturing conditions. Not all reports were good, though. Building permits posted as decline, while forecasts promised an increase. EUR/USD trades near 1.3195 now after it rose previously to 1.3265.
Housing starts were at a seasonally adjusted annual rate of 555k in November. This is above the revised October estimate of 534k and the expected value of 550k. Housing starts were at a seasonally adjusted annual rate of 530k in November. This is below the revised October rate of 552k and the predicted reading of 570k.
Initial jobless claims declined from 423k to 420k last week, near the forecast value of 421k.
Current account deficit increased to $127.2 billion (preliminary) in the third quarter of 2010, from $123.2 billion (revised) in the second quarter of 2010. Forecasts was near actual value, promising a value of $162 billion.
Philadelphia Fed index increased from a reading of 22.5 in November to 24.3 in December. Forex traders expected it to decline to 14.8.
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