US: Housing Starts decline by 14.4% in May, Building Permits fall by 7%

• Housing Starts in the US declined sharply in May.
• US Dollar Index continues to edge lower after dropping below 105.00.

The data published by the US Department of Commerce revealed on Thursday that Housing Starts in the US declined by 14.4% on a monthly basis in May following April's increase of 5.5%. In the same period, Building Permits fell by 7%.

Underlying details of the publication showed that Housing Permits decreased by 7%.

Market reaction

The dollar weakens modestly against its major rivals in the early American session on Thursday with the US Dollar Index posting small losses near 104.80. Meanwhile, US stock index futures were last seen losing between 1.6% and 2.1%.