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Australia building approvals surge in March

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Forex Pros - The number of new building approvals issued in Australia jumped significantly more-than-expected in March, official data showed on Thursday.

In a report, the Australian Bureau of Statistics said new building approvals issued rose by a seasonally adjusted 9.1% in March, after tumbling by -5.3% in February, whose figure was upwardly revised from a drop of -7.4%.

Analysts had expected new building approvals issued to rise by 5.0% in March.

The data showed that year-on-year, new building approvals issued in Australia fell less-than-expected, dropping at an annualized rate of -18.1% in March, after falling by -13.3% in February. Analysts had expected year-on-year new building approvals to fall at an annualized rate of -25.2% in March.

Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.19% to hit 1.0727.

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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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