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Building Approvals rose 3.7%

Tuesday, May 03 2016
The seasonally adjusted estimate for total dwellings approved rose 3.7% in March and has risen for two months. Analysts were predicting 1.8% decrease. Private sector houses rose 2.6% in March and has risen for two months, while private sector dwellings excluding houses rose 6.7% in March and has risen for two months. The seasonally adjusted estimate of the value of total building approved fell 2.0% in March following a rise of 5.8% in the previous month. The value of residential building rose 2.0% and has risen for two months. The value of non-residential building fell 11.2% following a rise of 1.8% in the previous month.
Separate report on China's Manufacturing PMI showed that index came in at 49.4, down 0.3 points from March's reading. No change was expected. All of the index's categories indicated conditions worsened month-on-month, with output slipping back below the 50-point neutral level. The fluctuations indicate the economy lacks a solid foundation for recovery and is still in the process of bottoming out. The government needs to keep a close watch on the risk of a further economic downturn.” 
 
Aussie is currently being traded around 0.7560 area. Pair is likely to find support around 0.75 handle and resistance above 0.7630 level. There will be no major data releases later today.
More in this category: « ISM Manufacturing PMI decreased to 50.8 percent RBA cuts rates to record low »

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