Huge miss on building approval data.
- Prior revised to +11.5% from +11.4%
- Nov building approvals +10.1% y/y vs +1.2% exp
- The bulk of the jump was in ‘other dwellings’ which is the catch all for ‘not a house’
- House building was virtually unchanged
Quick 20-pip jump in AUD/USD to 0.8900.
Australian dollar
AUD/USD is showing early signs of a double bottom just ahead of 0.8000. I wrote more about the technical outlook for AUD/USD earlier.
