The New Zealand dollar edged higher today, following yesterday’s drop, with help of a positive report about building permits. Gains were limited as the currency remained under pressure from the interest rate outlook for both the New Zealand and the US central banks.
The seasonally adjusted number of new dwellings consented, including apartments, rose 3.5 percent in June. Excluding apartments, the number of building consents rose 2.9 percent. The Reserve Bank of New Zealand said last week that it is going to pause its interest rate hike cycle. Meanwhile, most traders expect that the Federal Reserve will maintain its hawkish bias.
NZD/USD rose from 0.8501 to 0.8505, and NZD/JPY ticked up from 86.82 to 86.92 as of 8:42 GMT today.
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