EUR/USD declined today for the fourth day as the producer price index was reported at a higher than expected level in the United States. Even the worsening of the housing market failed to press on the U.S. dollar today.

Building permits were at 937k in July down from 1,138k in June (revised up from 1,091k). They were expected to fall to 959k annual rate. There were 965k housing starts in July in U.S — down from 1,084k in June (revised up from 1,066k) and slightly above the forecast for July — 960k.

Producer price index (PPI) advanced 1.2% in July — below the 1.8% growth in June but twice as much as the average forecast of 0.6% for July.