US: Focus on housing data – Rabobank
In the upcoming US session, focus will on the release of the November housing starts and building permits, suggests the research team at Rabobank.
“The consensus is for a small decline in the annualized rates, yet the NAHB survey plummeted to 56 yesterday – the lowest reading since May 2015. With November’s eight-point decrease, it was the biggest two-month decline since October 2001, and a clear signal that reduced affordability is smothering the housing market. Another reason for the Fed to hold fire after March 2019?”