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Building Approvals fell by 7.5% in January

Tuesday, Mar 01 2016
The trend estimate for total dwellings approved fell 1.0% in January and has fallen for 10 months. The seasonally adjusted estimate for total dwellings approved fell 7.5% in January following a rise of 8.6% in the previous month. Analysts were anticipating 2.7% decline. The seasonally adjusted estimate of the value of total building approved fell 10.7% in January following a rise of 0.4% in the previous month. The value of residential building fell 11.4% following a rise of 3.8% in the previous month. The value of non-residential building fell 9.2% and has fallen for two months.
Separate report on the current account deficit, showed that  seasonally adjusted it increased $2,258m (12%) to $21,106m in the December quarter 2015. The deficit on the balance of goods and services increased $2,592m (35%) to $9,929m. The primary income deficit decreased $331m (3%) to $10,564m. In seasonally adjusted chain volume terms, the surplus on goods and services increased $19m from $8,491m in the September quarter 2015 to $8,510m in the December quarter 2015. This is expected to contribute 0.0 percentage points to growth in the December quarter 2015 volume measure of GDP.
 
Aussie is currently being traded around 0.7150 area. Pair is likely to find support around 0.7080 handle and resistance above 0.7180 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.
More in this category: « Pending Home Sales declined by 2.5% China's Manufacturing PMI at a seven-month low »

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