Australia Building approvals for October

For the m/m, +11.4%

  • expected +5.0%, prior was -11.2% (revised from -11.0%)

For the y/y, +2.5%

  • expected -6.0%, prior was -11.4% (revised from-13.4%)

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  • Much better than expectations
  • Private house approvals down, the improvement on the month coming from apartment building
  • AUD higher, testing 0.8500 as I type

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The big event for today is still to come … Preview of the Reserve Bank of Australia (RBA) meeting today