Technical Analysis

Australian (November) building approvals -9% m/m (vs, expected -1%)

Eamonn Sheridan

Interest rate rises impacting, of course.

Property prices in Australia have fallen with the RBA hiking rates. This makes new construction activity less attractive at the margin.

Private sector house approvals down 2.5% m/m in November also (prior -2.2%).

AUD/USD little changed on the data.

The Reserve Bank of Australia next meet on February 7. Analysts are not unanimous That another rate hike is coming. I expect +25bp at this meeting. Inflation is way too high for the RBA to back off just yet. Earlier:

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