AU dips as Australian building approvals hit lowest level in five years
The Australian dollar took a hit after Australian building approvals fell to the lowest level in over five years in November
The Australian dollar fell on Wednesday after Australian Bureau of Statistics (ABS) figures showed 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 ABS.
ABS figures show approvals fell by 9.1% to 15,465 in seasonally adjusted terms, well below market expectations.
Approvals from November 2017 fell 32.8%, the lowest since August 2013.
According to the Westpac bank, by state, approvals dropped 14.6% in Victoria, 9.3% in New South Wales, 7.3% in Western Australian and 4.3% in Queensland.
ABS figures show the trend estimates of the value of total building approved fell 0.8% in November and were on the incline for 12 months.
While the value of residential building fell 1.6% fell for 11 months, while the value of non-residential building rose 0.6% and has risen for two months.
According to the ABS, the seasonally adjusted estimate of the value of total building approved rose 1.5% in November, while the value of residential building fell 3.9%, and the value of non-residential building rose 11.1%.
Australian dollar price
AUD/USD took a hit upon the news, coming off intraday highs after a technical pop above $0.715.
Analysts say the data was a big miss and was the main contributor to the fall in the Australian dollar price.
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