Building permits have been on a downtrend.

-4.7 % m/m

  • expected 0.0% m/m, prior -15.5%

-24.2 % y/y

  • expected -22.4% y/y, prior -27.3%
Australian building approvals for April

There will not be too much read into this disappointment. If a downside surprise comes along in this data set its not really a surprise, if you know what I mean. Its a weak trend, continuing. I'm not saying disregard it or its a positive - neither. But no one will be slamming the AUD on this. Won't be buying it of course - AUD to continue to dribble lower.