AU dips as Australian building approvals hit lowest level in five years

Australian dollar takes a hit after Australian building approvals fell to the lowest level in over five years in November

A total of 216,326 dwellings were approved over the year, according to the Australian Bureau of Statistics (ABS).

ABS figures show approvals fell by 9.1% to 15,465 in seasonally adjusted terms, well below market expectations.

Australian dollar price

The AUD/USD took a hit upon the news, coming off intraday highs after a technical-pop above $0.7150.

More to come..

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