NZD moves higher
The NZ finance minister Robertson is on the wires say:
- RBNZ is now required to consider impact on housing when making monetary and financial policy decisions
- Direction issued to reserve Bank requiring it to have regard to government policy on housing in relation to its financial policy functions
- changes made to banks monetary policy committee's remit requiring it to take into account government policy relating to more sustainable house prices
- MPC must explain how it assesses housing impacts
- asks for advice on interest only mortgages
- consider restrictions on interest only mortgages
- debt to income may apply only to investors
The NZDUSD is extending to a new session and cycle high. The price approaches the lower end of a swing area going back to 2016 between 0.74367 and 0.74847. The price just reached 0.7432 (the price is breaking above that level now).
The weekly chart below shows the pair reaching the swing area. A move above the swing area would also take the price above the topside trend line at 0.74800 level.
