Construction Spending m/m comes in at -0.1% against 0.1% consensus

Construction Spending month over month for the United States came in at -0.1%. This figure was below the consensus expectation of 0.1% and also marked a decrease from the previous month’s reading of 0.1%. The actual print represented a -200.0% surprise compared to the market consensus.

Following the release, the US Dollar showed varied reactions against major currencies. Fifteen minutes after the data, EURUSD moved -10 pips, GBPUSD moved -7.0 pips, and NZDUSD moved -2.7 pips. USDJPY moved +12 pips, and USDCHF moved +5.2 pips. AUDUSD saw a +0.3 pip move, and USDCAD moved -1.1 pips. XAUUSD moved +19 pips. Compared to historical median 1-hour moves, the observed reactions for most pairs, such as EURUSD’s typical 12 pips and USDJPY’s typical 13 pips, were relatively small within the initial fifteen minutes. XAUUSD’s +19 pips move was also smaller than its median 1-hour move of 36 pips.