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Australian Dollar Sinks After Building Approvals Unexpectedly Decline

Australian Dollar Sinks After Building Approvals Unexpectedly Decline

Benjamin Du,

Talking points

  • Australian Building Approvals -5.6% m/m in April vs. 2.0% Expected
  • April Permits Drop Marks Biggest Monthly Decline Since June 2013
  • Australian Dollar Down as Soft Data Undermines RBA Policy Bets

The Australian Dollarplunged against theUS Dollarafter data showed that Building Approvals took a surprise dip in its biggest monthly decline in almost a year. The Australian Bureau of Statistics released figures showing that monthly Building Approvals for April fell by 5.6 percent versus estimates of an increase of 2.0 percent; annual growth came in at 1.1 percent compared to an expected 12.3 percent rise.

This surprisingly negative data comes ahead of the upcoming RBA policy meeting where the board is expected to keep its lending rate unchanged at 2.50 percent. Further signs of weakness in the Australian economy could influence the RBA to maintain its loose monetary policy for a longer period than is currently expected.

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Australian Dollar Sinks After Building Approvals Unexpectedly Decline

AUDUSD (15min chart) – 6/1/2014 | Created with FXCM Marketscope

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.