The total value of building permits increased by 20% month-on-month, the most since May 2020, after a -12% decline in March. While this isn't spectacular, it looks like there is a trend reversal underway from the previous twenty-one months of declines. But the lower levels probably aren't significant at this stage. The Kiwi dollar starts today at just on 61.4 USc and up about +20 bps from this time yesterday. That all means our TWI-5 starts today at 71, and up +20 bps from yesterday.
