Matthew Hassan, Research Analyst at Westpac, notes that Australia’s dwelling approvals bounced 6.4% in June, coming in well above expectations with the consensus forecast a 1% gain. Key Quotes “The detail confirmed May’s 2.5% decline was likely a data issue with Qld approvals rebounding from their extreme fall.” “Outside of this, the picture is more mixed but is clearly not showing the anticipated weakening, particularly across high rise which recorded another relatively strong month.” “Other housing market indicators have shown a clear softening in recent months.” “Meanwhile the daily price data indicates that the monthly CoreLogic update due out tomorrow will likely show a 0.6% decline in prices nationally for July with the pace of decline quickening, particularly in Melbourne. That raises the likelihood of a renewed slowdown in building activity, particularly given a tighter funding environment. However, the continued resilience in dwelling approvals means the effect of a renewed slowdown on construction and economic activity will come through later in the piece, i.e. 2019 and beyond.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BOJ adopts forward guidance for interest rates FX Street 5 years Matthew Hassan, Research Analyst at Westpac, notes that Australia's dwelling approvals bounced 6.4% in June, coming in well above expectations with the consensus forecast a 1% gain. Key Quotes "The detail confirmed May's 2.5% decline was likely a data issue with Qld approvals rebounding from their extreme fall." "Outside of this, the picture is more mixed but is clearly not showing the anticipated weakening, particularly across high rise which recorded another relatively strong month." "Other housing market indicators have shown a clear softening in recent months." "Meanwhile the daily price data indicates that the monthly CoreLogic update due out tomorrow… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
