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Australia May Building Approvals have arrived, -16.4 pct MoM.

Key notes

  • Australia May Building Approvals -16.4 pct MoM, s/adj (Reuters poll -10.0 pct).
  • Australia May Private Sector House Approvals -4.4 pct MoM, s/adj.

The Aussie was little changed on the data, down a few pips while awaiting the more crucial US data later this week and interim numbers from China in the Markit/Caixin manufacturing PMI.

AUD/USD outlook

  • AUD/USD Forecast: Holding in range, bulls still surging on dips

Description of the Building Permits

The Building Permits released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.