Australian Building Approvals Fell by 2.5%, AUDJPY Slightly Higher - 31.7.2012
The seasonally adjusted total building approvals fell by 2.5 per cent in June down from a revised 27.0 per cent increase in May according to the Australian Bureau of Statistics. Moreover, investors were expecting building approvals for June to fall by 14.2 per cent, therefore it was better than expected. On annual basis the total approvals to build new homes increased by 10.2 per cent.
At the same time the Unemployment in Japan fell to 4.3 per cent in June from 4.4 per cent in May and household spending increased by 1.6 per cent, however less than expected, according to the Japanese Statistics Bureau. The Australian dollar against the Japanese Yen jumped at the release of the better than expected building approvals from 81.98 to 82.40 rising by 0.5 per cent, it was lastly seen at 82.25.