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20 Feb 2013
Forex: USD/JPY nears daily highs after US housing starts
The dollar advanced versus the yen after the release of US housing starts, as investors are looking past the negative headline number, which showed a 8.5% fall in housing starts last month.
However, underlying figures were positive, as starts for single-family units, representing two-thirds of the total, rose to their highest since July 2008. New building permits up more than expected and December's starts revised higher.
USD/JPY rose back to the 93.75 area but stalled just ahead daily highs that lies around 93.80. At time of writing, the cross is quoting around 93.65, still up 0.1% on the day, having recovered from a low of 93.13.
However, underlying figures were positive, as starts for single-family units, representing two-thirds of the total, rose to their highest since July 2008. New building permits up more than expected and December's starts revised higher.
USD/JPY rose back to the 93.75 area but stalled just ahead daily highs that lies around 93.80. At time of writing, the cross is quoting around 93.65, still up 0.1% on the day, having recovered from a low of 93.13.