Australian home loan approvals plunge in February

Forex Pros – The number of Australian new home loan approvals fell significantly more-than-expected in February, official data showed on Wednesday.

In a report the Australian Bureau of Statistics said the number of home loans granted fell by a seasonally adjusted -5.6% in February, after tumbling by -6.3% in January, whose figure was revised from a decline of -4.5%.

Analysts had expected the number of home loans granted to fall by -2.6% in February.

The report said that the total value of loans fell by 4.0% in February, decreasing to AUD19.3 billion, compared to AUD20.2 billion in January.

Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.31% to hit 1.0362.





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