{"id":5455,"date":"2021-03-23T12:59:00","date_gmt":"2021-03-23T12:59:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=5455"},"modified":"2021-03-23T15:00:07","modified_gmt":"2021-03-23T15:00:07","slug":"nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/","title":{"rendered":"NZD slammed as government housing initiative eases pressure on RBNZ"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

Market Update<\/strong><\/p>

Markets are a little more defensive at the start of Tuesday\u2019s session. US government bond yields continue to pull back from recent highs (10-year yields<\/a> are now under 1.65%, more than 10bps below last week\u2019s highs) and this is supporting duration sensitive US equities such as Big Tech, meaning that Nasdaq 100<\/a> futures (+0.1%) are holding up pretty well on the day. But the rest of global equity markets are not doing so well, with European equities broadly in the red (Stoxx 600 -0.2%) and S&P 500<\/a> futures down about 0.3%. Meanwhile, in FX markets, safe haven JPY<\/a> and USD are the two best performers and economic-growth commodities like crude oil<\/a> and industrial metals are for the most part suffering.<\/p>

It is worth noting that some of this morning\u2019s pull-back in US equities might just be some of yesterday\u2019s gains being unwound. Increased reporting\/chatter about the next dose of US fiscal stimulus from the Biden administration helped lift equity market sentiment in the latter part of yesterday\u2019s US session. The New York Times reported that US President Joe Biden\u2019s economic advisors are working on a $3T new spending package to present to him. According to the report, the package will be split into two parts, with the first focused on infrastructure and will be financed through increased corporation taxes and higher taxes on the rich.<\/p>

The report said that \u201cBiden supports all of the individual spending and tax cut proposals under consideration, but it is unclear whether he will back be splitting his agenda into pieces, or what legislative strategy he and Democratic leaders will pursue to maximize the chances of pushing the new programs through Congress given their narrow majorities in both chambers\u201d. Note that the White House released a response to the NYT article, claiming that the proposals outlined in the report are not \u201ca reflection of White House thinking\u201d. But where there is smoke there is fire, investors will be thinking.<\/p>

Other major fundamental development since yesterday\u2019s US session are less positive, and perhaps this is why markets are seeing a more defensive bias this morning. China has responded to US, EU, UK and Canadian sanction with their own raft of sanctions on officials from these countries. China and Russia have also come together to release a joint statement condemning sanctions from Western nations against them. Elsewhere, the European Covid-19 news remains negative (Germany announced that over the Easter period people should stay at home and only food shops will be open and there is increasing talk of travel bans to mainland Europe from the UK).<\/p>

Finally, and markets this morning did not pay too much attention to this, but the regional Philadelphia Fed Non-manufacturing survey for the month of March was just released and showed strength across the board. This comes in wake of a string of other strong regional Fed surveys for this month and bodes well for tomorrow\u2019s preliminary Markit PMI survey for March, which is much more widely followed (though not as widely followed as ISM PMIs which will be released at the start of April). Strong PMIs tomorrow could boost risk appetite.<\/p>

Rest of G10 FX<\/strong><\/p>

NZD is the big G10 underperformer this morning, with NZDUSD<\/a> cratering nearly 2.0% from above the 0.7150 level to the low 0.7000s, its lowest point since December 2020. Note that in early December 2020, the 0.7000 level acted as a strong area of support, while ahead of this level there is NZDUSD\u2019s 21DMA at 0.7010 \u2013 any longer-term NZD bulls might see Tuesday\u2019s pullback as an opportunity to get long the kiwi, though many traders will be wary not to \u201ccatch a falling knife\u201d and may want to wait to see how things shake out over the coming days just in case the cross does continue to crash to the downside.<\/p>

In terms of the reason for today\u2019s selling pressure; the New Zealand government announced a new NZD 3.8B housing fund to boost supply of new builds with the aim of slowing the recent run higher in house prices and maintaining economic stability \u2013 market participants seem to see this move by the government as taking some of the pressure off of the RBNZ to tighten policy moving forward; recount that the RBNZ is now expected by the government to take house price inflation into account as part of its inflation mandate, so when the government acts to curb house price inflation, this takes pressure off the RBNZ to tighten policy to achieve the same result, and so is being taken as an NZD negative. Looking ahead for the kiwi, February trade data will be in focus tonight.<\/p>

NZD underperformance is dragging AUD lower in sympathy despite a lack of any fresh Australia related fundamental updates; AUDUSD<\/a> has fallen below the 0.7700 level, its lowest point in nearly two weeks and down about 0.9% on the session. CHF and GBP are the next worst performers, down 0.7% and 0.5% respectively, both suffering as a result of the US dollar\u2019s advances, with the former unsurprisingly handing back a decent portion of its outsized gains on Monday; USDCHF<\/a> has surged all the way from the low 0.9200s to back above 0.9300 while GBPUSD<\/a> is back from lows around 1.3750 but still struggling below the 1.3800 mark.<\/p>

Sterling did not really derive much impetus from UK employment data released this morning; the unemployment rate in January was a little lower than expected at 5.0% (forecasts were for a small rise to 5.2% from 5.1%), while the rolling three-month employment change number for January came in a little better than expected at -147K versus forecasts for -167K. February\u2019s flash estimate of total employment showed employment levels having dropped 2.4% since this time last year, a drop of 693K jobs. Note that the presence of the government\u2019s furlough scheme continues to distort the labour market data as many on not working but still on their employees\u2019 payrolls via furlough do not show up as unemployed. As furlough is unwound over the summer, unemployment is expected to rise, the question being how much (current BoE forecasts assume unemployment rising to 7.5% this year, but this will likely be revised lower at the next BoE meeting).<\/p>

Meanwhile, EUR and CAD are also suffering as a result of strength in the US dollar, with EURUSD<\/a> down about 0.4% on the session to back below the 1.1900 level and USDCAD<\/a> is up about 0.4%, having rallied from the low 1.2500s overnight to current levels around 1.2575. The euro seems mainly to be trading as a function of USD dynamics right now and does not seem to have been paying as much attention to European pandemic news as, say, European equity or crude oil markets have been. Meanwhile, Loonie traders await comments from BoC Deputy Governor Toni Gravelle later in the afternoon.<\/p>

The Day Ahead<\/strong><\/p>

Fed speak is the name of the game for the rest of today\u2019s session; Fed\u2019s Kaplan has already spoken and was talking about how he expects the Fed to start hiking next year (he is on the hawkish end of Fed opinion). Fed Chair Powell will be testifying before Congress at 1500GMT (his pre-released comments contained no new info, but the Q&A will be worth watching). Fed\u2019s Bostic, Bullard, Barkin, Brainard and Williams will also be speaking. Loonie traders should also keep an eye on comments from BoC\u2019s Gravelle. Crude oil traders should watch private weekly inventories in the evening, and NZD traders will be on notice for trade balance data at the start of the Wednesday APac session.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Update Markets are a little more defensive at the start of Tuesday\u2019s session. US government bond yields continue to pull back from recent highs (10-year yields are now under 1.65%, more than 10bps below last week\u2019s highs) and this is supporting duration sensitive US equities such as Big Tech, meaning that Nasdaq 100 futures […]<\/p>\n","protected":false},"author":3,"featured_media":5460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5,6,2,7],"tags":[52,99,45,64,18,20,27,53,338,47,290,71,279,31,55,22],"yoast_head":"\nNZD slammed as government housing initiative eases pressure on RBNZ - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NZD slammed as government housing initiative eases pressure on RBNZ\" \/>\n<meta property=\"og:description\" content=\"Market Update Markets are a little more defensive at the start of Tuesday\u2019s session. US government bond yields continue to pull back from recent highs (10-year yields are now under 1.65%, more than 10bps below last week\u2019s highs) and this is supporting duration sensitive US equities such as Big Tech, meaning that Nasdaq 100 futures […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T12:59:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-23T15:00:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-1220642968.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"531\" \/>\n\t<meta property=\"og:image:height\" content=\"260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joel Frank\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\"},\"author\":{\"name\":\"Joel Frank\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/ac77fbbe0e8ed23d3dce1372e3663b96\"},\"headline\":\"NZD slammed as government housing initiative eases pressure on RBNZ\",\"datePublished\":\"2021-03-23T12:59:00+00:00\",\"dateModified\":\"2021-03-23T15:00:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\"},\"wordCount\":1265,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"AUDUSD\",\"China\",\"Covid-19\",\"Crude oil\",\"EURUSD\",\"GBPUSD\",\"NASDAQ\",\"NZDUSD\",\"SANCTION\",\"Stoxx 600\",\"US stimulus\",\"US Treasury\",\"USA500\",\"USDCAD\",\"USDCHF\",\"USDJPY\"],\"articleSection\":[\"Commodities\",\"Forex\",\"Index\",\"Markets\",\"World\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\",\"url\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\",\"name\":\"NZD slammed as government housing initiative eases pressure on RBNZ - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2021-03-23T12:59:00+00:00\",\"dateModified\":\"2021-03-23T15:00:07+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NZD slammed as government housing initiative eases pressure on RBNZ\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/ac77fbbe0e8ed23d3dce1372e3663b96\",\"name\":\"Joel Frank\",\"description\":\"Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst, specialising in the coverage of how developments in the global economy impact financial asset classes such as FX, equities, bonds, and commodities. Joel also takes a keen interest in technical analysis.\",\"url\":\"https:\/\/youtrading.com\/en\/author\/joelfrank\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NZD slammed as government housing initiative eases pressure on RBNZ - Youtrading UK","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/","og_locale":"en_GB","og_type":"article","og_title":"NZD slammed as government housing initiative eases pressure on RBNZ","og_description":"Market Update Markets are a little more defensive at the start of Tuesday\u2019s session. US government bond yields continue to pull back from recent highs (10-year yields are now under 1.65%, more than 10bps below last week\u2019s highs) and this is supporting duration sensitive US equities such as Big Tech, meaning that Nasdaq 100 futures […]","og_url":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/","og_site_name":"Youtrading UK","article_publisher":"https:\/\/www.facebook.com\/YouTradingEnglish\/","article_published_time":"2021-03-23T12:59:00+00:00","article_modified_time":"2021-03-23T15:00:07+00:00","og_image":[{"width":531,"height":260,"url":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-1220642968.jpg","type":"image\/jpeg"}],"author":"Joel Frank","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Joel Frank","Estimated reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#article","isPartOf":{"@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/"},"author":{"name":"Joel Frank","@id":"https:\/\/youtrading.com\/en\/#\/schema\/person\/ac77fbbe0e8ed23d3dce1372e3663b96"},"headline":"NZD slammed as government housing initiative eases pressure on RBNZ","datePublished":"2021-03-23T12:59:00+00:00","dateModified":"2021-03-23T15:00:07+00:00","mainEntityOfPage":{"@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/"},"wordCount":1265,"commentCount":0,"publisher":{"@id":"https:\/\/youtrading.com\/en\/#organization"},"keywords":["AUDUSD","China","Covid-19","Crude oil","EURUSD","GBPUSD","NASDAQ","NZDUSD","SANCTION","Stoxx 600","US stimulus","US Treasury","USA500","USDCAD","USDCHF","USDJPY"],"articleSection":["Commodities","Forex","Index","Markets","World"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/","url":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/","name":"NZD slammed as government housing initiative eases pressure on RBNZ - Youtrading UK","isPartOf":{"@id":"https:\/\/youtrading.com\/en\/#website"},"datePublished":"2021-03-23T12:59:00+00:00","dateModified":"2021-03-23T15:00:07+00:00","breadcrumb":{"@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/youtrading.com\/en\/nzd-slammed-as-government-housing-initiative-eases-pressure-on-rbnz\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/youtrading.com\/en\/"},{"@type":"ListItem","position":2,"name":"NZD slammed as government housing initiative eases pressure on RBNZ"}]},{"@type":"WebSite","@id":"https:\/\/youtrading.com\/en\/#website","url":"https:\/\/youtrading.com\/en\/","name":"Youtrading UK","description":"Leaders in Trader Training","publisher":{"@id":"https:\/\/youtrading.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/youtrading.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/youtrading.com\/en\/#organization","name":"YouTrading","url":"https:\/\/youtrading.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg","contentUrl":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg","width":2531,"height":570,"caption":"YouTrading"},"image":{"@id":"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/YouTradingEnglish\/","https:\/\/www.instagram.com\/youtrading_english\/","https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg"]},{"@type":"Person","@id":"https:\/\/youtrading.com\/en\/#\/schema\/person\/ac77fbbe0e8ed23d3dce1372e3663b96","name":"Joel Frank","description":"Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst, specialising in the coverage of how developments in the global economy impact financial asset classes such as FX, equities, bonds, and commodities. Joel also takes a keen interest in technical analysis.","url":"https:\/\/youtrading.com\/en\/author\/joelfrank\/"}]}},"_links":{"self":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts\/5455"}],"collection":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/comments?post=5455"}],"version-history":[{"count":0,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts\/5455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/media\/5460"}],"wp:attachment":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/media?parent=5455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/categories?post=5455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/tags?post=5455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}