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Building Approvals down by 8.2% in June

Thursday, Jul 30 2015
The seasonally adjusted estimate for total dwellings approved fell 8.2% in June following a rise of 2.3% in the previous month. Analysts were predicting 0.8% decline. Private sector houses rose 4.3% in June following a fall of 8.9% in the previous month, while private sector dwellings excluding houses fell 20.4% in June following a rise of 17.1% in the previous month. 
 
Value of total building approved fell 5.3% in June following a rise of 2.0% in the previous month. The value of residential building fell 8.8% following a rise of 3.1% in the previous month. The value of non-residential building rose 3.9% after falling for two months. 
 
Separate report on Import Prices  showed that they rose 1.4% in the June quarter 2015, in line with market forecasts. Through the year to the June quarter 2015, the Import Price Index rose 1.3%.
 
Aussie initially fell after the data, but easily rebounded, currently being traded few points above 0.7310 level. Pair is likely to find support around 0.7270 and resistance above 0.7350 area. Later today, in the US session, Advance GDP and Unemployment Claims figures are scheduled for a release.
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