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AUD and NZD rally strongly overnight

FXStreet (London)- The Kiwi dollar was the strongest mover of the overnight session, rallying from a low of USD0.7746 to repeatedly find resistance at USD 0.7827. The Aussie dollar also had a strong overnight session, climbing from USD0.8696 to highs at USD0.8767 up o.29 percent on the session.

RBA may intervene in Australian housing market

Data released by the Reserve Bank of Australia indicated that loans to buy houses increased by 0.6 percent in July and 6.7 percent year-on-year, the biggest increase in three and a half years. However, the data showed that loans to businesses remained flat on the month and 3.2 percent year-on-year, only just beating consumer price index inflation. The data increases speculation that the RBA will move to enact macroprudential tools to intervene in what it has previously described as an “unbalanced” housing market.

Lower NZ business confidence

In New Zealand, the monthly ANZ business outlook survey showed that confidence had fallen to a two year low, declining to 13 in September, from 24 the previous month. However, some nervousness may be the result of NZ general elections which took place during the survey period.

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