The US to Disclose its Building Permits Today

The US to Disclose its Building Permits Today

On Tuesday at 12:30 GMT, the US Census Bureau will be releasing the Building Permits and will be watched over by the market participants who are related to the housing sector of the market and those trading in the US dollar quotes. The indicator will represent the number of permits for the building of new facilities issued by the government or other regulatory authorities for March compared to February.

Financial experts are estimating that 1.494 million permits will be issued by the government or other regulatory authorities for the construction of new facilities. In February, the number of privately owned Building Permits authorised by building licences was 1,518,000. This figure is seasonally adjusted annually. In February, single-family authorizations reached 1,031,000, a 1.0 % rise over the revised January data of 1,021,000.

 So, if there is this forecasted decline in the readings of the indicator, it will have a positive effect on the dollar quotes. Furthermore, the medium-term state of the real estate market could be expected based on the readings of the Building Permits.

Announcement of Housing Starts

The Housing Starts will be unveiled on Tuesday at 12:30 GMT and the release will be relevant, as the Building Permits will be declared today. The forecasted figure of the indicator that shows the absolute number of new residential construction projects that began in March is 1.442 M. With the release of the indicator, the short-term construction sector outlook could be evaluated. When there is a decrease in the readings of the indicator, it will have a negative effect on dollar quotes. Therefore, market participants who are trading in the American currency are recommended to be alert during the announcement of the Housing Starts. 

ZEW Economic Sentiment Indicator will be declared 

The Centre for European Economic Research will be disclosing the ZEW Germany Economic Sentiment Indicator on Tuesday at 09:05 GMT and it is expected to be 42.7 by top economists. Market participants who are trading in the euro quotes are suggested to make a note of the changes in the readings of the indicator, as the rise in the readings of the indicator will have a favourable impact on the value of the euro quotes. When the ZEW Economic Sentiment Indicator was published on 19th Mar 2024 at 10:05 GMT, it was found to be 31.7.

Fed Chair Powell to Deliver Speech

As per the sources from the Board of Governors of the Federal Reserve System, Fed Chair Jerome Powell will be giving the speech at 17:15 GMT. According to the speech rhetoric, the speech will impact the value of the US dollar quotes. It is suggested so as the statements given by the Fed Chair will have the most remarkable impact on the market when compared with other members of the Fed Board of Governors. Furthermore, a positive impact will be felt on the currency, when the speech is considered as an intention to hike the rates at the next FOMC meeting.