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Building Permits Miss, Muted Reaction

US DATA

A modest beat in November housing starts, but that is a huge miss in building permits - by 140,000 (1.48mn expected, 1.34mn actual).

  • The 180k M/M drop vs October is one of the largest monthly falls ever for permits - exceeded only a handful of times, in 2020, 2015, and in 2008. See chart in image below.
  • Very muted reaction to the main data release of the day - Tsys tick very slightly higher, with USD dipping slightly.

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