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Australia building approvals decline unexpectedly in June

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Forexpros - The number of new building approvals issued in Australia fell unexpectedly in June, official data showed on Tuesday.

In a report, the Australian Bureau of Statistics said new building approvals issued fell by a seasonally adjusted 3.5% in June, confounding expectations for a gain of 3.0%.

May's figure was revised to a drop of 6.3% from a previously reported decline of 7.9%.

Year-on-year, the number of building approvals issued in Australia fell more-than-expected, dropping at an annualized rate of 15.5% in June, after falling by a revised 13.3% in May.

Analysts had expected year-on-year new building approvals to fall at an annualized rate of 10.3%.

Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.5% to trade at 1.0916.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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