The Australian Bureau of Statisitics just released the lates building approvals for March which showed a fall of 3.5% on the month and a moderation of the strong rate of growth to 20% year on year.
The ABS reported in the break up that private sector housing was 0.7% lower in the month while the non-housing component of private sector building approvals fell 7.0%.
The Aussie dollar fell initially on this release and only in Australia could a growth rate of 20% in building approvals be viewed as disappointing as the data clearly shows that the strong uptrend remains intact and it is only 2 months since building approvals hit their highest level in more than a decade.
So, strong data, more proof that monetary policy is working where it is supposed to. It’s just that the data is not as strong as the market hoped it would be.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.