Australian building approvals collapse in June

FXstreet.com (Barcelona) - 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. Private house approvals came at -1.1% from +2.5% in May. 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.