US: Housing Starts surge by 22.6% in July, Building Permits rise by 18.8%

• US Housing Starts and Building Permits rose sharply in July.
• US Dollar Index remains depressed near 92.30 after the data.

Housing Starts in the US surged by 22.6% on a monthly basis in July following June's increase of 17.5% (revised from +17.3%), the data published jointly by the US Census Bureau and the US Department of Housing and Urban Development showed on Tuesday.

Further details of the publication revealed that Building Permits rose by 18.8% in the same period after advancing by 3.5% (revised from 2.1%) in June. 

"Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000," the publication read.

Market reaction

The US Dollar Index stays under pressure after these data it was last seen losing 0.55% on a daily basis at 92.31.