Building approvals data for Australia
9.2% m/m
- expected 4.5%, prior was -12.4%, revised from -12.7%
and -2.5% y/y
- expected -7.2%, prior was -7.6%, revised from -8.4%
I noted in the preview earlier that this is a lumpy, volatile data series.... there ya go!
The big jump in approvals this month came after a big slump the prior month. The y/y smooths it out a little (a little) and showing a slight downtick, but not much in it. Approvals seem to have peaked for the time being, but not plunging.
Meanwhile, AUD a little lower, near session lows, albeit only a small range so far ... but the China open isn't far away and then the fun should really start:
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We got trade data out at the same time. Shockingly bad ...
Exports were lower by 5% on the month ... that global demand slow down impacting