Huge jump in Australian building permits

FXstreet.com (Barcelona) - Australian building permits (MoM) for the month of July came at +10.8% vs +4.1% exp and -6.9% prior. On an annual basis, the reading stood at +28.3% vs -13% last. Private house approvals +3.9% vs -1.2% in June.

Brooke Corte, Sky News Australia business presenter, tweeted: "Huge jump in Australian building approvals. Always a volatile read but 10.8% vs expected 4% a big beat."

Meanwhile, David Scutt, Treasury Dealer at Arab Bank Australia, said on his Twitter account: "Coupled with the China data Australia's building approvals data should see AUD/USD test .8980-90 resistence."

Australia also released Q2 company profits, which came at -0.8% vs +0.7% exp. Inventories +0.2% vs 0.1% exp.