Technical Analysis

Australian data – December building approvals +18.5% m/m (expected +1.0%, prior -9.0%)

Data from the Australian Bureau of Statistics:

Comment from the ABS:

  • “The increase in the total number of dwellings approved in December was led by a sharp rise in approvals for private sector dwellings excluding houses (+56.6 per cent). The result was driven by a number of large apartment developments approved in New South Wales and Victoria,” Mr Rossi said.

    “Approvals for private sector houses continued to track downwards, falling by 2.3 per cent.”

Apartment approvals make this a ‘lumpy’ data series. Down 9% in November, up 18% in December is the sort of thing you can expect.

At the same time we had National Australia Bank quarterly business confidence, coming at -1 from the previous +9. This does not get the attention that the monthly NAB survey does.

AUD/USD is little changed.

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