Monday, Jul 09, 2007
LOOKS LIKE THE FAT LADY IS ABOUT TO SING
bloomberg.com: New Zealand Dollar Drops as Moody's Says Housing Market to Slow
New Zealand's dollar dropped after Moody's Investors Service housing market may slow, raising speculation central bank won't add to three interest- rate increases this year.You've had the Reserve Bank's concerns with the housing market and Moody's stepping in with their 10 cents worth,'' said Joshua Williamson,senior strategist at TD Securities Ltd. in Sydney.That led to the New Zealand dollar coming down from its elevated levels.'The Moody's report saw a lot of clearing out in the kiwi because it adds to the picture that housing might be coming off,''said Tony Allen, currency trader at ANZ National Bank Ltd.in Wellington.We've seen lots of profit-taking from Asia.'The Moody's report, entitled ``Banking System Outlook: New Zealand,'' said the housing slowdown may be triggered as homE
2 Comments
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1. Pinetree said...
It’s different this time. NZ no longer needs exports to provide an “income”. House prices are expected to start booming again in 2012-2015, with up to 40% gains in 1 year in some area’s (See Sat 7th NZ herald). What these “exporters” don’t get is that NZ doesn’t need them, by selling houses to each other at ever increasing prices the NZ economy is much better off, just look at how keen the rest of the world is to buy NZD!
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