Building Approvals m/m (AUD) comes in at -6.1% against 3.6% consensus

Australian Building Approvals for September came in at -6.1% month over month, significantly below the consensus expectation of 3.6%. This figure also marked a further decline from the previous month’s reading of -3.6%. The actual print represented a -269.4% surprise relative to the consensus forecast.

Following the release, the Australian dollar saw broad weakness against major pairs. AUDUSD fell -32 pips 15 minutes after the print, while AUDJPY declined -68 pips over the same period. AUDCAD was down -38 pips, AUDCHF was down -27 pips, and AUDNZD dropped -68 pips within 15 minutes. In contrast, EURAUD gained +73 pips and GBPAUD rose +93 pips 15 minutes post-release. These moves are notable when compared to historical data, where the median 1-hour move for AUDUSD has been 6 pips and for AUDJPY 8 pips after past releases. Similarly, EURAUD’s median 1-hour move has been 11 pips and GBPAUD’s 12 pips after past releases.