Mid-Day Report: Little Inspiration From Data, Markets Still in Consolidative Mode

[Forex-Outlook]

Markets are still in consolidative mode as dollar extends retreat. Data from US saw housing starts rose more than expected to 672k annualized rate, highest level since October 2008. However building permits dropped to lowest level in six month at 606k annualized rate. PPI unexpectedly dropped -0.1% mom April with yoy rate down to 5.5%. Core PPI rose 0.2% mom, 1.0% yoy. The data provides little inspiration to the financial markets. Major forex pairs are stuck in range. Crude oil recovers mildly to 72 level while gold extends the retreat to 1210. US stocks are set to open mildly higher to extend the strong recovery overnight.

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