Sunday, July 8, 2007

New Zealand Dollar Drops After Moody's Report Says Housing Market to Slow

(Bloomberg) -- New Zealand's dollar dropped after
Moody's Investors Service said the nation's housing market may
slow, eliminating the need for the central bank to raise
interest rates again this year.

There is an ``increased possibility'' of a slowdown in the
country's mortgage market, Moody's said in the report issued
today. New Zealand's currency, known as the kiwi, has gained 11
percent since the start of the year as the central bank
increased the official cash rate three times in a bid to slow
consumer demand, particularly for housing, which it says is
spurring inflation.


Read more at Bloomberg Currencies News

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