Recent reports on Australian building approvals and completed construction projects caused a 10-base point gain in AUD/USD. The Aussie strengthened against its American counterpart by 0.13% to continue growth above the 0.7961 mark.
The Australian Bureau of Statistics revealed that the number of building approvals in the country dropped a seasonally adjusted 1.7% over the course of July, beating expectations for a 5.4% decline in the reported period. Meanwhile, the value of construction projects completed rose 9.3% in the same period. However, the report marked the renewed weakness fuelled by tight lending conditions and the Reserve Bank of Australia’s notices about the rising housing debt.
