The latest release of Building Permit data from the United States at 19:30 WIB revealed a result of -2%, slightly worse than market expectations of -1.5%, but showing an improvement from the previous figure of -4%. This data indicates that the U.S. real estate sector continues to face challenges, despite a minor recovery from last month. The current situation reflects the ongoing uncertainty that envelops the housing market amid the high interest rates implemented by the Federal Reserve in an effort to curb inflation.
This data has a direct impact on the financial markets, leading to price fluctuations in Gold, which is hovering around $3,388 while still displaying a trend of strengthening, indicating investors’ cautious stance towards the economic outlook of the U.S. Meanwhile, major currency pairs such as GBPUSD and EURUSD have also experienced increased volatility following the release of this data, signaling that market participants are adjusting their expectations regarding the direction of the Federal Reserve’s monetary policy.
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