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U.S. NAHB homebuilder sentiment rises in October, housing sector recovery likely in 2017

The U.S. NAHB homebuilder sentiment rose in October. The housing market index jumped from 64 to 68 in October. The rebound was much stronger than anticipated and was a positive surprise compared to consensus expectations of no change.

Present and future single-family home sales sub-indices were up by 5 points each, driving the increase in the headline index. The forward-looking indicators, which have some predictive capacity of housing starts activity six months ahead, are on a strong footing. Prospective buyers’ traffic remained greatly stable at 48. Overall, a stable, albeit modest, recovery is expected in the housing sector in 2017, stated Barclays in a research report.

At 18:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 29.5867. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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