Australian Home Loans down by 3.9%

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Wednesday, Mar 09 2016

Australian Home Loans fell by 3.9% in February, thus missing forecasts on 2.7% decrease. The trend estimate for the total value of dwelling finance commitments excluding alterations and additions fell 0.6%. Owner occupied housing commitments fell 0.1% and investment housing commitments fell 1.6%. In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 3.4%.

Separate report for Westpac Melbourne Institute Index of Consumer Sentiment showed that it fell by 2.2% in March from 101.3 in February to 99.1 in March. The Index is back to around its average reading over the last six months. Following the change of leadership of the Federal Government in September the Index lifted by 8.3% over the subsequent two months. It has broadly held those gains with today’s reading off that high in November by 2.5% although we are now slightly back in the region where pessimists outnumber optimists.

Aussie is currently being traded around 0.7420 area. Pair is likely to find support around 0.7350 handle and resistance above 0.7480 level. There will be no major data releases in the rest of the session.

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