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Australia Building Approvals Dipped 3 Months in a Row in April

Australia's housing market is cooling after bubble-like growth in the past 2 years. 

Today's building approvals reading reflects this contraction as it marks 3 straight months of negative numbers (February to April)


(source: tradingeconomics.com) Forget that gap here, the past 3 negative readings were for February, March and April.

April: -5.6%, forecast 2.1%, previous -4.8% (revised from -3.5%).

This reading by itself might not put any significant pressure on the AUD, but as the week passes, there are some key releases to monitor.

Tuesday:
Retail Sales (m/m) April - forecast: 0.3%, previous 0.1%
RBA Monetary Policy Statement

Wednesday: 
GDP q/q (Q1) forecast 0.9%, previous 0.8%