Building Approvals rose 4.2% in July

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Tuesday, Sep 01 2015

The seasonally adjusted estimate for total dwellings approved rose 4.2% in July following a fall of 5.2% in the previous month and beating expectations on 3% increase. Private sector houses fell 3.0% in July following a rise of 3.7% in the previous month, while private sector dwellings excluding houses rose 6.1% in July following a fall of 14.1% in the previous month.

Value of total building approved rose 7.8% in July following a fall of 2.9% in the previous month. The value of residential building rose 5.9% following a fall of 5.8% in the previous month. The value of non-residential building rose 12.2% and has risen for three months.

Separate report showed that the current account deficit, seasonally adjusted, rose $5,532m (41%) to $19,033m in the June quarter 2015. Analysts were predicting smaller increase to $15.900m. The deficit on the balance of goods and services rose $4,860m (102%) to $9,641m in the June quarter 2015. The primary income deficit rose $715m (9%) to $8,966m.

Aussie is currently being traded few points above 0.7120 level. Pair is likely to find support around 0.7070 area and resistance above 0.7180 level. Later today, in the US session, ISM Manufacturing PMI figures will be released.

More in this category: « China's PMI data in line with market forecasts RBA left interest rates unchanged, eyes on China »

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