US housing starts rise
Housing starts in the US have risen by 3.6% in the month of June to an annual seasonally adjusted rate of 582,000. New building permits and single family starts also rose, adding to hopes that the property sector may be bottoming out in the US.
An index measuring confidence for the construction sector also rose to 17 from 15 the previous month as builders became more optimistic about future projects. Low interest rates and slashed house prices are also providing an incentive to first time buyers.
Although the news is positive, market reaction has been muted with the dollar trading at strong foreign exchange rates following the hotel bombings in Jakarta.
The USD current foreign exchange rates are 0.7086 against the euro and 0.61190 against the pound.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.