US: Housing Starts decline by 9.6% in July, Building Permits fall by 1.3%

• Housing Starts in the US fell sharply in July.
• US Dollar Index edged slightly lower with the initial reaction.

The monthly data published by the US Census Bureau showed on Tuesday that Housing Starts declined by 9.6% on a monthly basis in July following the 2.4% increase recorded in June. Moreover, Building Permits fell by 1.3% in the same period.

"Single‐family housing starts in July were at a rate of 916,000; this is 10.1% below the revised June figure of 1,019,000," the publication further read.

Market reaction

The US Dollar Index (DXY) retreated modestly from the 20-day high it touched at 106.95 earlier in the day with the immediate market reaction. As of writing, the DXY was up 0.3% on the day at 106.80.