NZDUSD plunges on new measures to cool housing market.
NZDUSD falling sharply today under the effect of the strongly bearish New Zealand dollar sentiment seen across the FX markets today after the New Zealand government introduced new measures to curb speculation on its housing market, in which house prices have risen 23% in 12 months. The kiwi fell as the reforms lessened expectations for policy tightening. The government measures will address risks to financial stability from the housing market, and thereby delay the need to hike rates in response – which is a bearish signal for NZD. The pair is also dragged down by safe-haven dollar inflows after Beijing introduced punitive measures against European lawmakers, diplomats, institutes and families – in retaliation to the earlier sanctions against Chinese officials.
Expect sellers on upward corrections.
Next support to watch – 0.7028
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