New Zealand Building Permits (MoM) October: -1.1% versus -2.5% expected, NZD/USD unchanged

Early Friday morning in Asia, Statistics New Zealand released October month Building Permit figures. The housing market indicator suggested that the contraction was lesser than -2.5% expected to -1.1%. Even so, the release dropped from +7.4% prior.

FX implications

The Reserve Bank of New Zealand (RBNZ) recently hold its Loan to Value Ratio (LVR) unchanged citing improvement in housing market. The data suggests some weakness and the same might push the central bank towards a dovish bias during its next appearance, December 05. The NZD/USD pair showed no major reaction to the data while taking rounds to 0.6420.