Monday, Jul 23, 2007
New Zealand's dollar, the best performing currency against the yen in the past year, may slide from a 21-year high as the nation's property market cools, according to Standard Chartered Bank.
bloomberg.com: New Zealand Dollar May Drop on Housing, Standard Chartered Says
The currency known as the kiwi may fall 3 percent to 93.94 yen and to 77 U.S. cents by Dec. 31, said Callum Henderson, head of global currency strategy in Singapore. The central bank may pause after raising its 8 percent benchmark rate on July 26, because mortgage costs will be high enough to stifle housing demand, a Bloomberg News survey shows.
``The New Zealand property market is the canary in the coal mine,'' Henderson said. ``The currency is very closely linked to the property market so if that starts to crack the kiwi's high- flying days are numbered.''
Posted by chris :-)) @ 04:30 AM (110 views) Add Comment
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