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Building Approvals beat market forecasts

Monday, May 04 2015
Building Approvals rose 2.8% in March following a fall of 1.6% in the previous month. Analysts were predicting 1.7% decrease. Private sector houses rose 1.1% in March and has risen for two months, while private sector dwellings excluding houses rose 5.3% in March following a fall of 3.0% in the previous month. Value of total building approved rose 6.2% in March following a fall of 18.1% in the previous month.
 
Separate report on ANZ Job Advertisements showed 2.3% incline. The improved performance in April was driven largely by internet job ads which rose 2.4%. However, newspaper ads continued their trend decline, dropping 2.5% in the month, to conclude the year down 17%. ANZ chief economist Warren Hogan said the improved position of the labour market was a risk to the lender's forecast of a further rate cut, most likely in May.
 
Data did not have major impact on the markets, but Aussie declined after China's Manufacturing PMI figures and is currently being traded few points above 0.7820 level. Pair is likely to find support around 0.7750 and resistance above 0.7880 area. There will be no major data releases in the rest of the session. 
More in this category: « USD - Major events in the week ahead New business in China at a one-year low »

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