U.S. housing starts dropped 3.7% to a seasonally adjusted annual rate of 1.287 million units in April, the Commerce Department said on Wednesday. The decline reversed March's rise.

Data for March was revised to show starts rising to a 1.336 million-unit rate instead of the previously reported 1.319 million-unit pace. Building permits fell 1.8% to a rate of 1.352 million units last month.

The  market had forecast housing starts decreasing to a pace of 1.310 million units last month and permits declining to a 1.350 million-unit rate. Starts fell in the Northeast, West and Midwest, but rose in the South.

U.S. financial markets were little moved by the data.

Subscribe to premium content!

  • Daily trading ideas - click to view sample report
  • Entry, target, stop-loss levels
  • Position size in lots
  • Short analysis to each trade
  • Forex newsletter - latest currency market news and trading ideas
  • Access to premium content on MyFXspot.com

SUBSCRIBE NOW

Cron Job Starts