After the Reserve Bank of New Zealand (RBNZ) cut interest rates recently the economy is hoping to be on the receiving end of a much-needed boost after several months of disappointing data. A Westpac Bank analyst suggested that a fall in mortgage rates and a cancelation of an introduction of capital gains tax could help to see house prices soar.
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There is a suggestion that over the next year household inflation levels could rise from the predicted 1.2% to as high as 7% in some forecasts. The RBNZ cut has so far provided an increase in optimism from analysts in New Zealand however it may take more than a few weeks to see what the result could be.
New Zealand will continue to be a difficult economy to manage as with limited space the housing market is always going to be incredibly hot. Last year there was a major clampdown on foreign investors buying up properties and this did help to stem some of the issues.
The RBNZ aren’t expected to cut interest rates again in the immediate future however as the interest rate is still at 1.5% second only to the US in the western world they have the scope to do so.
Late this evening the latest import and export data will be released for New Zealand. The data is expected to be inline with the previous month with little variation both anything out of the ordinary can always have an effect on the market.
If you’re looking to sell New Zealand dollars, sterling’s recent struggle has provided a good window of opportunity with potential for more gains arguably in the coming week. In the last 14 days the GBP/NZD interbank rate has moved four cents bringing the rate down from just below the 2.00 level to the mid 1.90’s.
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