Aussie dollar weaker on the session, last....>

AUSSIE: Aussie dollar weaker on the session, last down 17 pips at 0.8038, just

shy of Wednesday's low of 0.8035. Aussie weakening after weak print for Building

Approvals data. The headline monthly index fell 20%, against expectations of a

7.6% drop, the annual reading fell 5.5% compared to an expected 11.5% rise.

- Not seeing much action in Aussie bonds or the IB strip based on the data, the

series is known to be volatile and as such the RBA will likely apportion the

weakness to transitory factors.

- The weak figure was driven by a pull back in Melbourne high rise approvals,

which was seen to be the driver of strength in the previous reading. Westpac

note that "Looking through recent volatility, trend approvals are again moving

lower with non high rise approvals in Q4 down 3.5%yr. Assessing trends in the

erratic high rise segment is much trickier but site purchases point to a weak

outlook."