Forex: NZD/USD – Daily low at 0.7756
_iNVEZZ.com Friday June 28th:_ During the early part of the Asian session today, the NZD/USD fell to 0.7756, a daily low to this point, after release of New Zealand Building Permits data for May.
Permits issued for all types of building construction rose by a seasonally adjusted 1.3 percent in May, defying forecasts for a contraction of 3.9 percent though well shy of April’s upwardly revised surge of 21 percent. The trend in permitted new homes, including apartments, has been rising for the last two years and is now similar to the level of five years ago.
Yesterday the New Zealand dollar gained slightly on the greenback and the pair rose to a daily high at 0.7851.
The ANZ New Zealand Business Confidence Index registered a rise to 50.1 this month, well up from the 41.8 reading in May.
And New Zealand’s trade surplus for May was reported at NZ$71 million, well down on the NZ$174 million in the prior month and at a marked disparity with the forecast NZ$400 million.