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Home Loans rose by 4.4% in June

Friday, Aug 07 2015
The number of Australian home-loan approvals rose by a seasonally adjusted 4.4% in June from May. Economists surveyed ahead of the announcement had expected a rise of 5.2%. The value of loans for investment housing fell by 0.7% from a month earlier, the ABS said, in a sign that efforts by the banking regulator to curb lending to property speculators may be having an impact. Finance approvals to build new houses fell by 0.4% in June from May. Approvals to buy new homes fell by 0.8%, while lending for established houses rose by 5.3%.
 
Also, RBA quarterly Monetary Policy Statement was released. The country’s central bank Friday revised lower its expected path for unemployment, saying the jobless rate is set to remain little changed for the next 18 months, instead of drifting higher as earlier predicted. It also revised lower its forecasts for GDP growth in 2016. It now sees the economy growing by 2.5% to 3.5%, compared with a forecast in May of 2.75% to 3.75%.
 
In a quarterly statement on monetary policy, the Reserve Bank of Australia said that as the economy has slowed after a decade-long mining boom, net immigration has also been slower than forecast, as skilled workers return to countries like New Zealand seeking better opportunities.
 
After the data Aussie was pushed higher and is currently being traded few points above 0.7360 level. Pair is likely to find support around 0.7320 area and resistance above 0.74 handle. Later today, in the US session,NFP figures are scheduled for a release.
More in this category: « Unemployment Claims at 270,000 Euro slightly higher ahead of NFP figures »

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