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USA: Philadelphia Fed manufacturing index disappoints in May as housing starts grow less than expected

He Philadelphia Fed manufacturing index has fallen 11 points in May, falling to 4.5 from 15.5 in April, its lowest level in two months. The figure worsens the market's forecasts, which expected a decline of 8 points.

On the other hand, the Housing starts grew 5.7% in April after falling 16.8% in March. In total, housing starts increased to 1,360,000 from 1,287,000, well below the estimated 1,420,000.

The construction permits fell 3% after falling 3.7% the previous month. The indicator stood at 1,440,000, following the 1,467,000 in March, without reaching the expected 1,480,000.

dollar reaction

The Dollar Index (DXY) has reacted higher following the release, rising to new highs for the day at 104.53. At the time of writing, the index is trading above this daily ceiling, gaining 0.22% on the day.

Source: Fx Street

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