CoreLogic HPI Shows Continued Cooling In Housing Market

NZD/USD traded sideways on Tuesday as participants continued to assess the fallout from Russia's invasion of Ukraine. The rate finished below neutral levels as the greenback outperformed all of its major peers, save for the yen.

• NZD/USD trades flat at $0.6756 at typing. A slide through Feb 24 low of $0.6631 would give bears a green light for targeting Feb 14/4 lows of $0.6593/90. Conversely, a rebound above Feb 23/Jan 19 highs of $0.6809/12 would bring Jan 13 high of $0.6891.
• CoreLogic's House Price Index rose just 0.8% M/M in February, which was "the lowest rate of growth since September 2020, which marked the start of New Zealand’s exceptional 18-month growth phase." CoreLogic noted that their "expectation is the HPI will dip further over the coming months as continued rate hikes and tighter credit controls weigh on market conditions. The significant drop in the monthly rate of growth from January to February indicates a clear change in trend."
• New Zealand's terms of trade index fell 1.0% Q/Q as import prices rose 3.8% led by higher fuel prices. Export prices rose 2.7% led by meat and aluminium.
• Reminder that ANZ Consumer Confidence will be published on Friday.