US: Housing Starts decline 2% in June, Building Permits fall 0.6%

• US Housing Starts fell by 2% on a monthly basis in June.
• US Dollar Index stays deep in negative territory below 107.00.

The data published by the US Census Bureau revealed on Tuesday that Housing Starts declined by 2% to a seasonally adjusted annual rate of 1,685,000. Building Permits fell by 0.6% in the same period following the 7% contraction reported in May.

"Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,365,000," the publication further read. "This is 4.6% below the revised May estimate of 1,431,000, but is 4.6% above the June 2021 rate of 1,305,000."

Market reaction 

The greenback stays under heavy bearish pressure following this report and the US Dollar Index was last seen losing 0.7% on a daily basis at 106.63.