NZD/USD Falls Amid Kiwi Building Permits News

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Following the release of the building permits report in the early Asian session, the New Zealand dollar (NZD) dipped against the US dollar (USD) on Friday, bringing the price of the NZD/USD currency pair below 0.6800.

The building permits data for October was released by FXStreet.com, with a value of -2.2 percent, the same as the prior month’s statistics.

The Building Permits s.a. chart shows the number of permits for new construction projects. It’s a leading indicator for the housing market. As the number of licenses grows, the NZD becomes more positive (or bullish), but a low reading is bad (or bearish).

The NZD/USD pair is now trading at 0.6776 as of this writing. Price can move forward due to two support levels standing below the price.

NZDUSD

And on December 03, 2021, the US Bureau of Labor Statistics (BLS) will release the nonfarm payrolls. Economists predict that it might register a figure of 550 K in November relative to a month before indexing of 531 K.

Nonfarm payrolls show the number of new positions gained in all non-agricultural businesses during the preceding month. Payroll fluctuations every month can be particularly volatile because of the close relationship between them and the central bank’s economic policy actions. In the next months, the number will be subject to a lot of scrutiny, which will likely cause volatility in the FX market. In general, a high reading for the USD is favorable (or bullish).

Conclusion

The NZD/USD currency pair is approaching several resistance levels that could limit the pair’s further rise.

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