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Australia building approvals decline

Posted by Akhilesh Ganti on Mar 3, 2013 7:33:00 PM

January Australian building approvals, a gauge of future construction activity which could be seen as a proxy of economic growth, fell to -2.4% -vs- market expectations of a rise of +2.8%. This unexpected decline could factor in the RBAs' decision when they meet tomorrow to decide if the rate cuts that they have implemented so far are having the desired effect. Currently the market is pricing in a very low probability of another rate cut.

Australia buildingapprovals jan2013

 

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