10 Dec 2013
NZD/USD awaiting the RBNZ?
FXstreet.com (London) - NZD/USD is more or less side lined on the 0.83 handle scoring an earlier high of 0.8334 from an earlier low of 0.8271.
Current news around the economy in New Zealand remains with the mortgage lending scheme. Strategists at TD Securities said the RBNZ added an exemption to the high loan-to-value ratio (LVR) mortgage lending scheme (introduced 1 Oct). “Now loans for new home construction are exempt, targeting much needed housing supply. What concerns us is the politicising of this monetary policy tool, so what’s next, exemptions for first home owners next year for the election campaign? Bring on higher cash rates, and soon!”. Then there was the retail card spending data overnight that rose +0.6%, continuing the solid spending trend over the past year (mkt: +0.3%, prior: +1.8%). We have the RBNZ coming up tomorrow and price action will no doubt be subject to the wise words coming in that meeting.
NZD/USD Levels
The 20 DMA is 0.8234, the 50 DMA is 0.8295 and the 200 DMA is 0.8165. RSI (14) reads 70.91. Supports are ascending from 0.8209, 0.8220, 0.8246, 0.8258 and 0.8296. Spot is 0.8328, 0.8331, 0.8368 and 0.8397.
Current news around the economy in New Zealand remains with the mortgage lending scheme. Strategists at TD Securities said the RBNZ added an exemption to the high loan-to-value ratio (LVR) mortgage lending scheme (introduced 1 Oct). “Now loans for new home construction are exempt, targeting much needed housing supply. What concerns us is the politicising of this monetary policy tool, so what’s next, exemptions for first home owners next year for the election campaign? Bring on higher cash rates, and soon!”. Then there was the retail card spending data overnight that rose +0.6%, continuing the solid spending trend over the past year (mkt: +0.3%, prior: +1.8%). We have the RBNZ coming up tomorrow and price action will no doubt be subject to the wise words coming in that meeting.
NZD/USD Levels
The 20 DMA is 0.8234, the 50 DMA is 0.8295 and the 200 DMA is 0.8165. RSI (14) reads 70.91. Supports are ascending from 0.8209, 0.8220, 0.8246, 0.8258 and 0.8296. Spot is 0.8328, 0.8331, 0.8368 and 0.8397.