Australia Building permit approvals for May: -3.2% m/m(expected 0.0% m/m)

Australia Building approvals for May

-3.2% m/m … miss

• expected 0.0% m/m, prior -5.0%

+3.1% y/y … miss

• expected +9.9% y/y, prior +1.9%

This is a volatile data series (it can be expecially influenced by 'lumpy' multi-unit dwelling approvals), living up to that reputation today coming in well, well, below median estimated.

For background, building permit preview here: preview

And, yet to come ….

• RBA announcement coming up Tuesday 3 July 2018 - preview (NAB)
• RBA announcement coming up today - preview of what to expect (via Westpac)
• AUD - RBA meeting Tuesday 2 July 2018 - quick preview (via ANZ)
• <a title="The Reserve Bank of Australia meet tomorrow, announcement at 2.30pm local time (0430GMT) TD with their outlook, bolding mine Probability Dovish (AUD - RBA meet Tuesday 2 July 2018, here is a preview (via TD)
• Via Daiwa: RBA Board meeting should be a non-event with neither the Bank's cash rate nor neutral policy stance likely to change.
• RBA preview (in the words of Daft Punk - One More Time)