Flash: Australian construction data to please RBA - NAB

FXstreet.com (Barcelona) - Building approvals in Australia came soft in May, due to a 9.5% fall in private apartments, however private housing gained for fifth consecutive month, this last a good sign for future dwelling investment, says Spiros Papadopoulos, Senior Economist at NAB, adding that "Given the RBA’s ongoing confidence that the rate cuts over the past 18 months are slowly working their way through the economy, the continuing gains in private housing would be pleasing for them."