Building permits data from New Zealand for November 2023 came in at -10.6% m/mprior +8.5%While this is an ugly data point the thing about building consents is that the m/m can be very volatile. The "lumpiness" comes from the ebb and flow of multi-unti developments in the data. For that reason analysts and traders tend to turn to the y/y result instead. That's hardly any better!-24% y/yprior +8.7%The statistics folks in New Zealand are trying to gloss over the data:“The annual number of new homes consented has continued to decrease from its peak of 51,015 in the year ended May 2022,”NZD/USD is little changed around 0.6225 This article was written by Eamonn Sheridan at www.for
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