Finally! The US housing mess is finally ripening and along with it will come the giant sucking sound of USD leaving foreign places (like NZ) back to the US.
I'm expecting NZ housing prices to finally come crashing down over the next few months and will keep a close eye.
Bloomberg.com: Worldwide
Quote:
March 11 (Bloomberg) -- The Australian and New Zealand dollars declined a third day against the U.S. currency as concerns credit-market losses are mounting prompted investors to sell higher-yielding assets.
Both currencies dropped to the lowest in six weeks against the yen as U.S. financial stocks fell on speculation Bear Stearns Cos. lacks sufficient access to capital, spurring investors to exit so-called carry trades funded in Japan. The New York-based investment bank said the rumors were false. Australia's dollar was the second-weakest among the 16 most- traded currencies as the nation's money market rates rose to a 13-year high.
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11-03-2008, 02:28 PM
Licking My Chops
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