The Australian Building Approvals report is released monthly and consists of the amount of new building approvals released.
The latest report will be released at 9:30pm EST tonight.
[column size=”1-2″ last=”0″ style=”1″] Building approval is among the first steps in construction. Construction of buildings is very citical to the state of an economy because it indicates jobs, jobs, and more jobs. It indicates jobs because construction workers build the building but, if this is a commercial building, it is likely people will be working at the new building once the project is complete.
The Australian approval stats are not consistent and deviation from the forecast is very common.
You can see a chart by visiting Forex Factory.
I am favoring the bulls on the AUD/USD since the price is near a critical 1.037 support level. See the chart below.
If we see positive Building Approvals and on top of that, bullish releases for the other two high impact news events tonight, I’d expect to see AUD strength.
Thirty minutes before the Approvals, the National Bank of New Zealand Business Confidence will released.
Also, the AUD Private Capital Expenditure quarterly report will be released this evening. If all three of these news events are bullish, they could confirm a AUD long. [/column]
Winner’s Edge Trading, as seen on: