Today, there were a few economic data reports that were released.
Some of the highlights include:
USD: Building permits dropped by 4.8 % in the month of January to 521,000 units, down from 547,000 units the previous month.
Housing starts plummeted to a 50-year low, down from 560,000 units to 470,000 units.
Knowing this information is quite important because it can help predict what will happen not only in the Forex markets but also the real estate/housing markets. Based on the positive or negative news that are reported, I could, for example, be able to forsee when the real estate market may start picking up again. Knowledge is power, learning as much as you can about economic data helps tremendously in making sound investment decisions.