Forexpros – The number of new building approvals issued in Australia fell unexpectedly in December, official data showed on Thursday.
In a report, the Australian Bureau of Statistics said new building approvals issued fell by a seasonally adjusted 1.0% in December, confounding expectations for a 2.1% increase.
The previous month’s figure was revised up to a gain of 10.1% from a previously reported 8.4% increase.
Year-on-year, the number of building approvals issued in Australia plunged at an annualized rate of 24.5% in December from a year earlier, after tumbling at a rate of 17.5% in November. Analysts had expected Australian building approvals to fall at an annualized rate of 22.1%.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD rising 0.18% to trade at 1.0725.
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