Housing Starts m/m comes in at -12.4% against 8.8% consensus

Housing Starts m/m for the United States came in at -12.4%, significantly below the consensus expectation of 8.8%. This represents a -240.9% surprise against the consensus. The previous month’s figure was 19%.

Following the release, market reaction has been relatively subdued so far. AUDUSD moved -0.3 pips 15 minutes after the release, compared to its median 1-hour move of 7 pips. EURUSD saw a +0.4 pip move after 15 minutes, against a median 1-hour move of 7 pips. GBPUSD moved +0.8 pips 15 minutes out, with a median 1-hour move of 11 pips. NZDUSD moved +0.2 pips after 15 minutes, compared to its median 1-hour move of 6 pips. USDCAD moved -1.3 pips 15 minutes after the release, against a median 1-hour move of 10 pips. USDCHF saw a -0.1 pip move after 15 minutes, with a median 1-hour move of 7 pips. USDJPY moved +0.9 pips 15 minutes out, compared to its median 1-hour move of 9 pips. XAUUSD moved -36 pips 15 minutes after the release, against a median 1-hour move of 21 pips. For most pairs, the measured moves so far are small relative to their typical 1-hour moves after similar releases.