Building Permits will be released Tuesday morning.
Investors and economists will be watching their televisions and computers to see if building permits hit their highest level since August 2008’s release.
With a positive release today. hopes of a U.S. recovery could rise, giving bullish sentiment to the U.S. economy and possibly the U.S. Dollar.
“The housing sector looks like it’s really turning,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. “There’s a lot of room for anything housing related to give the economy a real boost.” (Bloomberg)
Over the pasts months we have seen momentum building in the housing market. If today’s figures are positive, it’s very possible to see the U.S. Dollar influenced by them.
A couple things to look for:
1. Significant deviation from the forecast today of the U.S. building permits (it is forecast to be the highest building permits figure since August 2008’s release).
2. Tomorrow’s FOMC Statement and Meeting – if they talk about QE3 and inflation targets, we could see some volatility Wednesday.
Housing starts increased by about .8% last month and building permits soared high above the forecast of a .93 million annual rate to a .95 million annual rate.
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