Building Permits (USD) comes in at 1.367M against 1.391M consensus

USD Building Permits were reported at 1.367 million, falling short of the consensus forecast of 1.391 million. This print represents a -1.7% surprise relative to expectations. The prior month’s figure was 1.413 million.

In the 15 minutes following the release, the US Dollar saw a mixed reaction against major pairs. AUDUSD moved -3.3 pips, EURUSD moved -7.3 pips, GBPUSD moved -1.0 pips, and NZDUSD moved -3.9 pips. USDCAD moved +4.4 pips, USDCHF moved +5.5 pips, and USDJPY moved +6.2 pips. Gold, XAUUSD, moved -183 pips. For most pairs, these initial 15-minute movements are smaller than their respective median 1-hour moves observed after past Building Permits releases. For example, AUDUSD’s -3.3 pips is less than its median 1-hour move of 6 pips, and GBPUSD’s -1.0 pips is notably smaller than its median 1-hour move of 11 pips. Conversely, XAUUSD’s -183 pips move significantly exceeds its median 1-hour move of 21 pips.