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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

US DATA
US DATA: Sept housing starts -5.3% to 1.201m SAAR, below the 1.220m rate 
expected following mixed revisions to the previous two months. 
There was a large 13.7% decline in the South, suggesting some impact 
from Hurricane Florence. There should be negative effects from Hurricane 
Michael next month, followed by a rebuilding boost in the coming months. 
- Starts were also down in the Midwest (-14.0%), but up in the Northeast 
(+29.0% after -9.7% in Aug) and the West (+6.6%). 1-family starts -0.9% 
and multi-family starts -15.2%. 
- Building permits -0.6% to 1.241m SAAR vs 1.260m expected, lowest 
since May 2017, with 1-family permits +2.9%, but multi-family -7.6%. 
Homes permitted but not started -0.6%.
- Q3 starts and permits were well below their Q2 averages.
- Homes under construction +0.3%, but completions -4.1% to the lowest 
since Nov, so new home supply for sale is likely to slide in the 
near term.