The US economic reports caused a temporary depreciation of USD/JPY during the Tuesday session. The Greenback lost against the Japanese Yen 10 base points or 0.09% to be seen trading near the 111.37 mark, though the decrease was not sustained as figures failed to impress the market. .
The Commerce Department revealed that the US building permits rose to the strongest level in seven months over the course of August with the total number of 1.30M permits issued. The property market was moving ahead before an expected transitory hit from Hurricanes Irma and Harvey. Though, the number of permits in damaged areas was not significantly weaker, housing could stay a drag on the US economy in the third quarter.
| Historical Data Table: US Building Permits | |||||
| Date | 16.05.2017 | 16.06.2017 | 19.07.2017 | 16.08.2017 | 19.09.2017 |
| Actual | 1.23M | 1.17M | 1.25M | 1.22M | 1.30M |
| Forecast | 1.27M | 1.25M | 1.20M | 1.25M | 1.22M |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| AUD/USD | 0.80031 | 0.80139 | 0.13% | ||
| USD/CHF | 0.96328 | 0.96255 | -0.08% | ||
| USD/JPY | 111.475 | 111.373 | -0.09% | ||
| NZD/USD | 0.73087 | 0.73177 | 0.12% | ||