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Australian Home Loans fell more than expected

Friday, Jul 10 2015
In seasonally adjusted terms Australian Home Loans fell by 6.1% in May 2015. Analysts were forecasting 3.3% decline. In trend terms, the number of commitments for owner occupied housing finance fell 0.2% in May 2015. 
 
In trend terms, the number of commitments for the construction of dwellings fell 0.6%, the number of commitments for the purchase of established dwellings fell 0.2%, while the number of commitments for the purchase of new dwellings rose 1.1%. In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 15.9% in May 2015 from 15.8% in April 2015.
 
Despite the figures, Aussie was pushed higher this morning and is currently being traded few points above 0.7470 level. Pair is likely to find support around 0.74 handle and resistance above 0.75 area. There will be no major data releases in the rest of the session.
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