housing

New Zealand Dollar Rebound Threatened by Dovish RBNZ

The New Zealand Dollar was the second best performer this week, finishing just 0.12 percent lower against the top performer, the Australian Dollar. The Kiwi crushed the safe haven currencies, the Japanese Yen and the US Dollar, appreciating by 3.72 percent and 2.05 percent, respectively. As Currency Strategist Ilya Spivak frequently notes, the New Zealand Dollar has a very tight correlation to the MSCI World Stock Index, so the commodity currency is at bay to global risk trends.

Aussie Sold Aggressively Post Shocking RBA Rate Decision; Euro Still Bid

– RBA shocks markets and cuts by 50bps to 3.75% – Decision surprising given RBA track record – Aussie sold aggressively across the board in response – UK manufacturing PMIs disappoint; weighs on Pound

Housing Starts Disappoint

March Housing Starts fell to 654K units annualized from February’s 694K. Traders were looking for an increase to 705K units annualized.