
A Big Miss For the AUD/USD: Building Approvals
For those that donāt follow the Australian economy closely, weāve seen a big housing boom. That is now well and truly over and there are many calling for a crash.
Real estate is a big part of the Australian economy and wealth in general. Tighter lending standards are really hurtingĀ home prices and the follow through is on building and construction also.
Today we saw a big miss in building approvalsĀ at -9.4% MoM. A really bad result.
On the news, the AUD/USD is down 0.3%. Donāt underestimate the impact this might have going forward.
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