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Alert Level Review Eyed

NZD

NZD/USD extended its bullish run last Friday as the greenback took a hit from slower than expected non-farm payroll growth reported in the U.S. The weekend brought little to move the needle for the pair, which now trades flat at $0.7157.

  • New Zealand's Cabinet will review Covid-19 alert level for areas outside of Auckland today. The decision will be announced at 16:00 NZST/05:00 BST and the main question is whether the level will be lowered from the current level 3. Prodded by the local media over the weekend, ministers refused to speculate and insisted that they will act on most recent available data.
  • Stats NZ will publish the quarterly report on completed construction work shortly. Later this week, focus will turn to m'fing activity (Thursday) and card spending (Friday).
  • From a technical perspective, bulls see the 61.8% retracement of the Feb 25 - Aug 20 sell-off at $0.7213 as their initial target, with a break here opening Jun 7 high of $0.7243. Bears look for a retreat under the 50-DMA/Aug 30 low at $0.6992/87.
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