Edges Away From Multi-Month Low

NZD/USD extended its rout last Friday, printing levels not seen since Nov 2020. The pair has ticked away from Friday's low and last operates at $0.6941, just a handful of pips higher on the day.

• The Productivity Commission has unveiled three issues it will focus on in its inquiry into New Zealand's immigration policy settings over the next few decades. Per interest.co.nz, the Commission will consider "whether the Gov't should use immigration policy to manage demand for housing and infrastructure (...), whether employers should be required to prioritise the New Zealand labour force before recruiting temporary migrants, and whether prospective migrants are given enough information". The final report is due in Apr 2022.
• Meanwhile, adverse weather conditions caused widespread floods in parts of New Zealand, while Auckland was hit by a tornado, with resultant damage expected to be tens of millions of Kiwi dollars.
• New Zealand's Westpac Consumer Confidence and credit car spending hit the wires Tuesday, with trade balance coming up Friday. In addition, RBNZ Chief Economist Ha will take part in a workshop hosted by the Reserve Bank & Treasury tomorrow.
• Bulls look for a rally above 200-DMA at $0.7044, which would shift focus to Jun 15 high of $0.7161. Bears need a fall through Friday's low of $0.6923, before taking aim at the lower 3.0% Bollinger band at $0.6851.