AUD traders - heads up for data due Tuesday - Building Permits (June) preview
It is a busy week coming up around the globe, with three central bank meetings:
- Heads up for central bank meeting this week - BOJ, FOMC, BoE
- When is the BOJ meeting this week and what time we can expect the announcement
- What to expect from USD/JPY after the BOJ meeting this week
From Australia we get data during the week:
- Tuesday brings Building approvals
- Thursday, trade balance (June)
- Friday, retail sales (June and Q2)
A preview of tomorrow release, this via ANZ:
- We believe building approvals nudged higher in June. This is likely to be driven by a substantial increase in Queensland, after approvals in the state fell by nearly 30% in May.
- However, this doesn't change our view that approvals will continue to trend lower from here.
- Ongoing tightening in credit availability and weaker housing finance results suggest that building approvals are set for further weakness, regardless of some potential respite in June.