New Zealand Building Permits (MoM) Sep: 7.2% (prev 0.8%)

The Building Permits, released by the Statistics New Zealand has come out, having little bearing on the price of the Kiwi as traders await higher tiered data from the nation later on.

• New Zealand Building Permits (MoM) Sep: 7.2% (prev 0.8%).

The data shows the number of permits for new construction projects – It is considered as a leading indicator for the housing market. The more growing number of permits, the more positive (or bullish) for the NZD, while a low reading is seen as negative, or bearish.

Next up, we have Business Confidence for New Zealand which is released by ANZ and shows the business outlook in New Zealand. The Business Confidence allows analysis of economic situation in the short term. Increasing numbers indicates increases in business investment that lead to higher levels of output. Thus, a high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).  "Despite the 50 basis points August RBNZ cut, business sentiment continued to slide with ANZ's Business Confidence falling to a fresh eleven-year low in Sep."  Business Confidence for October, expected -54.1 vs -53.5 prior and anything below should help to buoy the cross, providing that Chinese data doesn't disappoint too much – We have both the Non-Manufacturing PMI and NBS Manufacturing PMI for October a little later today.