Australian Dollar Sold as Credit, Building Permits Data Weighs on Rates Outlook
A gauge of Australian Private Sector Credit growth fell short of expectations, adding 0.1 percent in August to mark the smallest increase in nine months. Meanwhile, Building Approvals plunged 4.7 percent over the same period, amounting to the largest drop since May. Permits grew 4.4 percent from the previous year, recording the smallest annual increase in a year. The figures weighed heavily on RBA rate hike expectations, with a Credit Suisse of priced-in tightening over the coming year falling 6 basis points – the largest daily drop in a month – and dragging the Australian Dollar lower against most of its major counterparts.
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