Market Update: AUD/USD Up on Building Approvals
A good showing for the Aussie economy on the housing front – The monthly Building Approvals released showing an increase of 8.4% versus expectations of 6.6%. As of writing the the AUD/USD pair was trending up on the news, especially since the same housing index has fallen 18.9% over the last 12 months.
The dark house however could be declining demand from China… A look at declining commodity prices in this week’s trading could be influenced by a decline in Chinese equities of over 20% over the last year. For further insight read our full daily report here.
Trade Alert for AUD Building Approvals
The Australian Bureau of Statistics releases its monthly change in the number of new building approvals issued. The report issued early this morning coming in 8.4% increase over the previous month versus 6.6% forecast. The AUD was trading higher on the news, firmly above 1.0300 levels.
Why is it important?
It’s an excellent gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. Construction is important because it produces a wide-reaching ripple effect, indicating future growth for the economy.
For the full report on today’s market movements including pound sterling against the Japanese yen, the euro against the pound, silver and natural gas markets, click here.
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