Building approvals for April: -5.6% m/m (vs. expected +2.0%)
- prior was -4.8% (revised from -3.5%)
- I could try to excuse this result by saying it’s a volatile data series, which it is, but this is the third m/m drop in a row. Not good at all.
For the y/y, comes in at +1.1%
- expected +12.3%
- prior was +20.9%, revised from +20.0%
- this is a terrible y/y result
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Poor result, AUD/USD selling off as I type, currently sub 0.9290
From the Australian Bureau of Statistics:
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AUD/USD approaching buyer around 0.9275 (orderboard here)
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Also released at the same time was company operating profits and inventories for Q1 2014, a low-priority item:
- Company operating profits came in at +3.1% q/q (expected was +2.5%, prior was +2.5%, revised from +1.7%)
- Inventories came in at -1.7% (sa) (expected was -0.4%, while the prior was -0.6%, revised from -0.5%). Added – While not normally a big market focus it will be of importance to economists in their GDP calculations. This fall is a big one and will cause some revision lower in GDP expectations.
