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.

Key Quotes

“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?”