Bernard Hickey details the key news over the weekend in association with the BNZ, including news that house prices across New Zealand were flat in April from March as the market remains stalled ahead of the budget on May 20, Quoteable Value reported.
Buyers are worried about tax breaks being removed in the budget, QV indicated. Meanwhile European Finance Ministers are in crisis talks to agree on a 'Euro Stabilisation Fund' before the markets open in Asia in the next couple of hours.
Time is running out for the euro as the 'wolf pack' of bond vigilantes are ready to pounce on any signs of weakness.
The British pound is also under intense pressure as negotiations between Liberal Democrat leader Nick Clegg and Conservative Leader David Cameron drag on without a coalition agreement.
The New Zealand dollar is strong against the European currencies, up at 48 pence, 56 Euro cents. It's also strong vs the Aussie dollar at 80.5c as expectations grow that New Zealand's Reserve Bank will hike the Official Cash Rate on June 10.