Forexpros – The New Zealand advanced to a three week high against its U.S. counterpart on Tuesday, after official data showed that the number of building permits issued in New Zealand in July rose the most since April 2008.
NZD/USD hit 0.8536 during late Asian trade, the pair’s highest since August 4; the pair subsequently consolidated at 0.8501, gaining 0.46%.
The pair was likely to find support at 0.8384, Monday’s low and resistance at 0.8667, the high of August 4.
Earlier in the day, Statistics New Zealand said building permits rose 13% last month, after declining by a revised 1.0% in June. Excluding approvals for apartment construction, the number of housing approvals was up 6.3% from June.
Commenting on the report, industry and labor statistics manager Kathy Connolly said “The latest increase, excluding apartments, is enough to confirm a positive swing in the longer-term trend.”
The kiwi was also higher against its Australian cousin, with AUD/NZD shedding 0.50% to hit 1.2528.
Also Tuesday, government data showed that Australian building approvals rose less-than-expected in July.
Later in the day, the U.S. was to release data on consumer confidence as well as an industry report on house price inflation. In addition, the Federal Reserve’s Open Market Committee was to publish the minutes of its August meeting.
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