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Edging Higher

NZD

The kiwi dollar has caught a light bid in early trade, following a bounce in U.S. equity benchmarks on Friday. Weekend impetus from China may be providing some incremental support as well, as the PBOC effectively trimmed the interest rate for new mortgages, while Shanghai announced moderate, partial easing of COVID-19 restrictions.

  • NZD/USD trades at $0.6286, up 10 pips on the day. A clearance of May 11 high of $0.6380 would bring May 5 high of $0.6568 into play. Conversely, bears look for renewed losses past May 12 cycle low of $0.6217.
  • PM Ardern has tested positive for COVID-19 and is self-isolating at home with moderate symptoms. She will not be able to chair today's Cabinet meeting and will skip this week's Budget, but is still planning to lead New Zealand's trade mission to the U.S.
  • Data highlights this week include PPI (Thursday) as well as trade balance & credit card spending (Friday).
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