Ugly US Housing Data

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By Grace Cheng on January 17, 2008 | More Posts By Grace Cheng | Author's Website

US housing starts in December tumbled to its lowest point in 16 years, decreasing 14.2% (-5% expected) after falling 7.9% in November. Buliding permits, a sign of future groundbreakings, also declined sharply. The housing market looks like it is still in a freefall. Meanwhile, Cleveland Fed President Pianalto said today that economic conditions have weakened since December and she is not clear whether the weak USD is helping US manufacturing.

Swissy’s nearest resistance lies around 1.1100-30, then 1.1160. EUR/USD’s nearest support around 1.4580, 1.4540-50.

BOE’s Gieve said that the case for rate easing has been strengthened by the global credit crisis with growth slowing due to past rate rises and might justify a shift in policy.

Merrill Lynch reported a record loss after writing down at least $15 billion of failed investments and losing almost half of its market value in 2007.

Friday:

Japan consumer confidence 0500 GMT

UK retail sales 0930 GMT

Fed’s Lacker speaks on US economic outlook 1300 GMT

RBA’s Stevens speaks 1320 GMT

Canada manufacturing shipment 1330 GMT

US U of Mich confidence 1500 GMT

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