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Economic Statistics: Australian Building Approvals drop

Posted by Akhilesh Ganti on May 1, 2013 9:42:00 PM

Australia Building Approvals for March comes in at -5.5%, which is much weaker than both estimates of +1.2% and last month's reading of +3.0%. It was the largest decline since July of 2012. The Aussie which was trading around 1.0270, fell immediately to 1.0246. The market is pricing in a 53% chance of another rate cut by the RBA when they meet on May 07,2013.

{chart:Bloomberg}(click to enlarge)

Australia buildingapprovals mar2013

 

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