The US Census Bureau and the US Department of Housing and Urban Development jointly announced new residential construction statistics on Wednesday, which showed that privately-owned housing units, authorised under building permits, and housing starts witnessed a drop in August compared to the previous month.

Building permits declined by 5.7% to a seasonally adjusted annual rate to 1.229 million in August, compared to 1.303 million in July, while housing starts dropped by around 9.2% to 1.174 million, the data showed.

Meanwhile, privately-owned housing completions decreased by 2.5% to 1.213 million last month.

By 01:00 pm GMT, the EUR/USD pair inched up 0.05% to $1.1673.

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