Unexpected Drop of Building Approvals Hurts Australian Dollar

The Australian dollar fell today as building approvals fell in August unexpectedly. The positive market sentiment was unable to rescue the currency.
The Australian Bureau of Statistics reported that the number of building approvals dropped 9.4% in August, month-on-month, after falling 4.6% in July (positively revised from the drop of 5.2% registered initially). Analysts were completely wrong with their predictions of a 1.0% increase.
The seasonally adjusted Australian Industry Group Australian Performance of Services Index rose from 52.2 in August to 52.5 in September.
AUD/USD fell from 0.7184 to 0.7153 as of 10:42 GMT today. EUR/AUD climbed from 1.6058 to 1.6159.

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