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Covid Situation In Focus

NZD

NZD/USD shot higher in early trade Tuesday, as the kiwi gained across the board amid option-related volatility in AUD/NZD. The kiwi extended gains into the European morning, possibly drawing further support from the relaxation of Covid-19 curbs in parts of New Zealand south of Auckland, and remained the best G10 performer.

  • NZD/USD last trades at $0.7047, little changed on the day. Bulls need a break above yesterday's high of $0.7069, before setting their sights on $0.7089, which capped gains on Aug 4. Bears look for a fall through the 50-DMA at $0.6987, which would open up Aug 27 low of $0.6933.
  • CoreLogic House Price Index rose 27.0% Y/Y in August after increasing 24.8% in July, but monthly price growth slowed to +1.6% from +1.8%. CoreLogic observed that "through lockdowns it is harder for agents to source leads and for vendors to prepare their property for sale" and "this further tightening of supply could lead to some temporary renewed upwards price pressure as pent up demand competes for limited listings".
  • New Zealand's Q2 terms of trade will hit the wires shortly. Meanwhile, any updates on the Covid-19 front continue to provide interest.
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