Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

NZ dollar jumps as market unwinds RBNZ easing bets

11/23/2020 | 08:47pm EST

SYDNEY, Nov 24 (Reuters) - The New Zealand dollar jumped to its highest since mid-2018 on Tuesday as investors scaled back wagers of more policy easing by the country's central bank given the risk of surging house prices there.

The kiwi dollar was up 0.7% at $0.6967, after reaching a top of $0.6985 and clearing resistance around $0.6969. The Aussie dollar rose in sympathy to reach $0.7310 .

The move came after Finance Minister Grant Robertson said the government had sought advice from the Reserve Bank of New Zealand (RBNZ) on how it could help stabilise property prices.

Robertson has proposed including stabilising house prices as a factor for consideration in the central bank's remit when formulating monetary policy.

The market took that to mean the RBNZ might have less scope to ease policy further, given interest rates were already at all-time lows and the housing market was running hot.

The bank has in the past mused about taking rates below zero, but investors have now largely priced out such a prospect.

Swap rates quickly moved to imply less chance of another easing at all, while yields on 10-year bonds climbed 7 basis points to 0.90%. (Reporting by Wayne Cole; Editing by Ana Nicolaci da Costa)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.06% 0.77149 Delayed Quote.0.85%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.02% 0.71778 Delayed Quote.0.48%
Latest news "Economy & Forex"
04:53pChina Overtakes U.S. as World's Leading Destination for Foreign Direct Investment -- 2nd Update
04:50pDeutsche Bank starts probe in relation to engagement with some clients
04:33pMERIDIAN MINING S E : Commences Field Program at Cabaçal Copper Gold project
03:43pBiden to impose South Africa travel ban to combat new COVID-19 variant -CDC
03:25pU.S. CDC reports 416,010 deaths from the coronavirus
03:13pSaudi Arabia names Fahad al-Mubarak as new central bank governor
03:07pBridgewater's Dalio sees U.S. divided, in 'terrible financial state'
03:06pSingapore's StashAway says now manages $1 billion in assets
03:00pBiden to impose South Africa travel ban to combat new COVID-19 variant -sources
03:00pBiden order will also reinstate travel ban for most non-u.s. citizens who have been in 26 other european countries -- cdc officials
Latest news "Economy & Forex"