Australia Building Approvals for February: 19.1% m/m (expected -1.8%)

The building permits data is a volatile set indeed, but the downtrend is unmistakable.

Comes in at 19.1% m/m … enormous beat!

• expected -1.8%, prior +2.5% m/m

And at -12.5% y/y

• expected -27.0%, prior -28.6%

Here is the downtrend I am talking about … today's result showing the volatility … but maybe time will show it was a downtrend killer? I don't know but I'd guess not yet.

A contributor to the beat today is the huge higher-density (apartments etc.) approval number, up 62% in Feb. Unlikely to persist.

Still, a stunning beat for the data point today.

AUD had a pop but its little changed as I update now, circa 0.7111. the excuse for it going nowhere is the upcoming RBA announcement. The excuse to come after that is the budget release.