Investing.com – The number of new building approvals issued in Australia plunged unexpectedly in February, official data showed on Thursday.
In a report, the Australian Bureau of Statistics said new building approvals issued dropped by a seasonally adjusted -7.4% in February, after tumbling by -11.6% in January, whose figure was upwardly revised from a drop of -15.9%.
Analysts had expected new building approvals issued to rise by 4.0% in February.
The data showed that year-on-year, new building approvals issued in Australia fell more-than-expected, dropping at an annualized rate of -21.8% in February, after falling by -16.4% in January. Analysts had expected year-on-year new building approvals to fall at an annualized rate of -12.8% in February.
Following the release of the data, the Australian dollar was slightly higher against its U.S. counterpart, with AUD/USD edging up 0.04% to hit 1.0334.
In a report, the Australian Bureau of Statistics said new building approvals issued dropped by a seasonally adjusted -7.4% in February, after tumbling by -11.6% in January, whose figure was upwardly revised from a drop of -15.9%.
Analysts had expected new building approvals issued to rise by 4.0% in February.
The data showed that year-on-year, new building approvals issued in Australia fell more-than-expected, dropping at an annualized rate of -21.8% in February, after falling by -16.4% in January. Analysts had expected year-on-year new building approvals to fall at an annualized rate of -12.8% in February.
Following the release of the data, the Australian dollar was slightly higher against its U.S. counterpart, with AUD/USD edging up 0.04% to hit 1.0334.