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Alert Level Review Up Today

NZD

NZD/USD has edged higher this morning, despite unimpressive official PMI data released out of China. The rate last sits at $0.7177, 6 pips higher on the day.

  • Should bulls force a break above Oct 28/21 highs of $0.7217/19, they could take aim at Jun 7 high of $0.7243. Conversely, a fall through Oct 25 low of $0.7130 would give bears a green light for targeting the 200-DMA at $0.7101.
  • The Cabinet will discuss the current Covid-19 Alert Levels and restrictions and announce their decision on any potential changes at a press conference at 16:00NZDT/04:00GMT. PM Ardern told RNZ this morning that the government's modelling suggests that daily cases will keep rising and eventually peak at 200.
  • New Zealand's building permits will hit the wires tomorrow, but the main focus this week falls on Wednesday's quarterly labour market report.
  • Elsewhere, RBNZ Gov Orr will deliver a speech titled "Housing Matters" tomorrow, the script will be published on the RBNZ's website at 09:30NZDT/21:00GMT. On Wednesday, the Reserve Bank will publish their Financial Stability Report.
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