Australian Dollar Strong Despite Big Drop of Building Approvals

The Australian dollar was strong today despite underwhelming domestic macroeconomic data.
The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals dropped by 9.7% in July from the previous month after falling 0.8% in June. Markets were counting on a zero change.
The Reserve Bank of Australia reported that private sector credit rose by 0.2% in July after increasing by 0.1% in June. The actual value matched market expectations.
AUD/USD was little changed at 0.6730 as of 16:28 GMT today, rebounding from the session minimum of 0.6706. EUR/AUD tumbled from 1.6431 to 1.6329.

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