The amount of new homes increased by 2.3% up to 750K units in August as opposed to July. According to the revised data for July, the amount of new homes reached 733K units (+22K against the previous figures).
Analysts had anticipated a 2.8% increase up to 767k homes in August. Therefore, the report failed to come up to their expectations.
The amount of building permits reached 812K in July. This is the highest level since September 2008. Analysts had anticipated a 1.9% decline down to 803K.
At the same time, mortgage rates are at their lows. The cost of a 30-year mortgage loan is 3.55%. This is a strong buying stimulus for the buyers of new homes as we as for construction companies.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of the USD index. The price is fluctuating within the 78,73-79.52 range formed by wave 4 of level H4. The closest level of support is 78,73. A break below it will resume the downtrend. A change of trend will take place if the price overcomes the top of the MF sloping channel and breaks above 81,46 and 81,67.
