Building Approvals increased by 7.9% in January

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Tuesday, Mar 03 2015

The seasonally adjusted estimate for total dwellings approved rose 7.9% in January following a fall of 2.8% in the previous month. 1.8% decline was anticipated. Private sector houses rose 0.4% in January and has risen for two months, while private sector dwellings excluding houses rose 19.6% in January following a fall of 9.4% in the previous month. The seasonally adjusted estimate of the value of total building approved rose 28.7% in January following a fall of 10.9% in the previous month.

Separate report on Current Account showed that current account deficit, seasonally adjusted, fell $2,542m (21%) to $9,588m in the December quarter 2014. Smaller decrease to $10,900m was forecasted. The deficit on the balance of goods and services fell $1,469m (38%) to $2,430m in the December quarter 2014. The primary income deficit fell $1,067m (14%) to $6,621m.

After the data, Aussie was pushed slightly higher, but majority of volatility came with RBA interest rate decision. Aussie is currently being traded above 0.7820 level. Pair is likely to find support around 0.7750 and resistance above 0.7850 level. There will be no major data releases later in the session.

More in this category: « U.S. Manufacturing PMI decreased in February Aussie up after RBA left interest rates unchanged »

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