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Alert Level Review Eyed

NZD

NZD/USD has recouped its 8-pip opening loss and last trades at $0.7115, little changed on the day. A fall through Nov 5 low/50-DMA at $0.7073/65 would please bears, while bulls keep an eye on Oct 28/21 highs of $0.7217/19.

  • The Cabinet will unveil their Alert Level review at 16:00 NZDT/03:00 GMT and it will be a difficult call. PM Ardern suggested last week that an in-principle decision has been made to relax Covid-19 rules in Auckland, but daily infections have been rising recently. Yet the Premier said this morning that the government will take vaccination rates and hospitalisations into consideration.
  • PM Ardern unveiled an economic support package, which will boost incomes of 346,000 families by an average of NZ$20 per week. She also told Newshub Nation on Sunday that she has no intention to step down anytime soon, as the ruling Labour Party held its annual conference over the weekend.
  • New Zealand's card spending will be released on Tuesday, flash ANZ Business Confidence hits the wires on Thursday, while BusinessNZ M'fing PMI comes out Friday.
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