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Housing Market Talk Continues

NZD

NZD/USD wavered in Wednesday's Asia & early European hours, before advancing over the WMR fix. Activity was limited ahead of Thanksgiving in the U.S. The rate managed to return above the $0.7000 mark and continues to hold above there.

  • New Zealand's trade deficit shrank to -500mn, in line with expectations, as increases in both imports and exports matched forecasts.
  • Booming housing market remains front and centre. At the opening of parliament, Governor General Reddy said that housing will be a priority for the new gov't, as "efforts to stimulate the economy and support jobs and growth" have had a "perverse impact on housing affordability".
  • Elsewhere, RBNZ Gov Orr told Radio New Zealand that the gov't could consider tackling house prices with tax policies and reiterated that the MPC already takes housing into consideration.
  • NZD/USD last sits at $0.7004, just 3 pips worse off. Bullish focus falls on Jun 6, 2018 high/76.4% recovery of the 2017 - 2020 slide at $0.7060/65. On the flip side, a dip through Nov 23 low of $0.6897 would open up Nov 17 & 18 lows of $0.6876.
  • Looking ahead, New Zealand's ANZ Consumer Confidence will be published tomorrow.
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