This post seems to have disappeared, republishing it:
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- Approvals up 5.2%, above the market expectation for a 4% increase
- A 21% incrrease in approvals for the purchase of newly built dwellings (including ‘off the plan’ units yet to be built)
- Approvals for construction up 4.7%
Today’s result is a solid one, showing strength in non resource-extraction sectors of the economy, which is what the RBA is wanting to see. These are a net positive for the AUD/USD and I imagine AUD would have moved higher on this release were it not for the prevailing sentiment in the market to buy USD.
