Building Approvals up by 2.4% in May

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Wednesday, Jul 01 2015

According to the latest seasonally adjusted estimate Building Approvals rose 2.4% in May following a fall of 5.2% in the previous month. Analysts were anticipating smaller increase by 1.2%. Private sector houses fell 8.4% in May after rising for two months, while private sector dwellings excluding houses rose 16.6% in May following a fall of 16.9% in the previous month.

The seasonally adjusted estimate of the value of total building approved rose 2.1% in May following a fall of 3.1% in the previous month. The value of residential building rose 3.3% following a fall of 3.7% in the previous month. The value of non-residential building fell 1.1% and has fallen for two months.

Data did not have major impact on the markets, bit Aussie edged higher this morning and is currently being traded around 0.7720 area. Pair is likely to find support around 0.7650 level and resistance above 0.7770 area. Later today, in the US session, ADP job figures and ISM Manufacturing PMI data is scheduled for a release.

More in this category: « China's manufacturing sector activity expanded slightly in June Euro lower on disappointing Spanish and Italian PMI figures »

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