U.S. Day Ahead- Lloyd Bank

Lloyds Bank notes the U.S day ahead as follows:

In the US, while primary attention this week remains on tomorrow's FOMC announcement, today's housing data should provide some minor distraction.

In January, the annual rate of housing starts fell 2% to 1.065mn reflecting a large drop in single family starts which declined by 6.7% on the month.

Regionally, poor weather particularly in the north east was likely behind at least some of the headwinds to activity.

Ongoing freezing temperatures last month are expected to have deterred housingconstruction and we forecast the pace of housing starts slowed further to 1.042k in February. However, stabilisation in level of building permits points to ongoing support to the sector.