Bulls Set Their Sights On Mar 23 High, NZ Rent Talk Transpires

AUD/NZD has added 15 pips so far, extending its current winning streak to three days in a row, but the multi-month high of NZ$1.0938 printed on Mar 23 remains intact. The rate last sits at NZ$1.0929, with G10 crosses happy to hug relatively tight ranges.

• Australia's third-biggest city Brisbane was placed under a snap three-day lockdown to arrest the spread of infections with the UK variant of coronavirus. Residents can only leave home for an essential purpose, while mask wearing is mandatory across the whole Queensland.
• In New Zealand, Stuff accidentally got hold of a weekly email circulated by PM Ardern's chief press secretary to gather information from Beehive offices and brief the PM ahead of her Monday presser. The email suggested that the gov't is concerned that its recent housing policies may lead to rent hikes and plans to launch a social media campaign "arguing against the assumption rents will go up."
• During the presser, the PM said that there are no further plans around the area of rent at this stage. Elsewhere, FinMin Robertson suggested that he cannot predict what impact the gov't's policy package would have on rents, but " we will be monitoring the impact on the rental market closely and we will take action if necessary."
• A rally through Sep 10/Mar 23 highs of NZ$1.0936/38 would please bulls, shifting focus to Sep 1 high of NZ$1.0960. Initial bearish target is located at NZ$1.0865, which represents the low print of Mar 24.