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Housing data in the United States continues to show no sign of a bottom. Housing starts fell to an annual pace of 519K in October – the lowest since April 2009. Economists were expecting a reading of 598K and the September data was revised to 588K from 610K. The pipeline looks equally bare with building permits rising just 0.5% compared to the +3.9% expected. The market has been conditioned to expect absolutely no good news from the housing sector so the reaction was only about a 10 pip fall in USD/JPY.
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