fxstreet.com 09 Feb, 2021 09:45 am

NZD/USD tests 0.7250 as RBNZ responds to building housing market risks – MUFG

The NZD/USD pair strengthened during the Asian session and briefly raised back above 0.7250 as policy developments in New Zealand attracted market att

7250 as policy developments in New Zealand attracted market attention after the Reserve Bank of New Zealand (RBNZ) tightened macro-prudential policy in an attempt to dampen building risks in the domestic housing market, per MUFG Bank.” “The building risks to financial stability from the housing market have been one of the negative side effects of running loose monetary policy to support growth.As a first step, the RBNZ and government are focusing on macro-prudential measures to dampen risks posed by the housing market.” “The kiwi is already benefitting from the scaling back of expectations for further RBNZ rate cuts as the economic recovery in New Zealand has proven stronger than expected.

However, the developments will also encourage some speculation that the RBNZ may eventually need to tighten monetary policy sooner as well.Key quotes “The RBNZ has stated that it will reinstate mortgage lending restrictions on March 1 and tighten them further for investors from May 1.

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