Australia Building Permits (YoY) decreases to -13% in June from -3.2%

Australian building approvals collapsed during the month of June, with the latest data coming at -6.9% vs exp 2.3% and -4.3% prior. On a yearly basis, the reduction was -13% vs exp 0% and -3.2% prior. In line with Westpac's Sean Callow prediction, who said, "a negative headline m/m change would probably knock about 20 pips off AUD/USD", the pair fell from 0.92 to 0.9180 before finding bids.