New Zealand seasonally-adjusted Building Permits declined 3.4% QoQ

Joshua Gibson FXStreet

New Zealand's fourth-quarter Building Permits saw a decline in the seasonally-adjusted QoQ figure compared tp September, sliding 3.4% and adding additional downside to the previous quarter's 13% decline.

New Zealand new homes consents in December 2023 dropped steeply, falling 25% YoY compared to December of 2022, with standalone housing units specifically declining to its slowest pace of approvals since 2013, and multi-family homes also declined to their slowest pace of approvals since 2021.

According to StatsNZ's construction and property statistics manager, Michael Heslop:

“The number of homes consented in 2023 was down from 49,538 in 2022, which was the highest number in a calendar year since records began."

“2023 was the first year that the number of townhouses, flats, and units consented exceeded the number of stand-alone houses."

About New Zealand's seasonally-adjusted Building Permits

The Building Permits s.a. released by the Statistics New Zealand show 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.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD holds firm near 0.7000 after Chinese inflation, trade data

AUD/USD stays firm near 0.7000 in Wednesday’s Asian session, picking up some bids after China's mixed inflation and upbeat trade data. CPI rose less than expected in September, while PPI inflation picked up. Meanwhile, the Chinese trade surplus unexpectedly widened in September. The pair remains underpinned by a broadly subdued US Dollar, despite the Middle East escalation, as focus remains on US CPI data.

USD/JPY consolidates near 158.50; looks to US CPI for fresh impetus

USD/JPY stays range-bound near 158.50 in the Asian session on Wednesday, with looming intervention risks supporting the Japanese Yen and capping upside amid a softer US Dollar. However, geopolitical uncertainties act as a tailwind for the safe-haven USD and the pair. Traders also seem hesitant ahead of the release of the latest US inflation figures.

Gold drifts lower with US CPI, Fed speakers in focus

Gold extends losses on Wednesday, despite the lower US Treasury yields, with investors looking from the sidelines ahead of the release of September’s US Consumer Price Index report and speeches from Federal Reserve officials due later in the day. The XAU/USD pair has retreated below the $4,150 level after rejection at the $4,200 area on Monday, with technical indicators showing building bearish momentum.

XRP recovery faces headwinds despite Ripple and Meritz Securities' tokenization push in Korea

XRP trades above $1.36 as bulls gather momentum to face a critical supply range toward $1.40. Ripple and Meritz Securities partner to explore institutional custody and tokenization services for South Korea’s capital markets.

US CPI data expected to rise in September as markets reassess Fed rate outlook

The US Bureau of Labor Statistics will publish the September Consumer Price Index (CPI) data on Wednesday. The report is expected to show a further increase in headline prices and a small uptick in annual core inflation. Any divergence from analysts’ estimates could influence the Federal Reserve’s policy outlook and impact the US Dollar’s valuation.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?