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U.S. NAHB housing market index falls in November

The U.S. homebuilder confidence fell sharply in the month of November. The NAHB housing market index fell in the month, in line with a move that sent homebuilder sentiment back to levels last seen in the summer of 2016. The index fell to 60, as compared with the consensus expectations of 67. The fall was widespread throughout categories and regions.

Homebuilders’ assessments of both present and future sales dropped sharply in the month to 67 from 74 and 65 from 75, respectively. Both measures recorded their largest fall for this year. Homebuilders also recorded falling traffic from prospective buyers, after a modest rebound in October.

NAHB indicated that growing affordability concerns drove the fall in confidence. Despite the sharp fall, builder sentiment continues to be in positive territory and the homebuilders report indicated continued consumer demand for new homes. Nevertheless, consumer demand, compared to last year, has tapered off owing to concerns about rising interest rates and deteriorating home affordability, noted Barclays in a research report.

At 16:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -117.741. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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