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FinMin To Discuss Housing Mkt With RBNZ Gov, NZ Reports Covid Community Transmission

KIWI

NZD/USD clawed back initial losses in the second half of Monday, as a recovery in oil prices breathed new life into commodity FX space. It remained afloat, snapping its three-day loosing streak.

  • FinMin Robertson told RBNZ today that officials are keeping a close eye on domestic housing market, which has reached an unexpected peak, and flagged that he will meet with RBNZ Gov Orr next week to discuss the matter.
  • New Zealand confirmed a community transmission of Covid-19 in a person working at a managed isolation facility in Christchurch. PM Ardern said that the only close contact has tested negative.
  • NZD/USD trades at $0.6632, virtually unch. on the day. A break above Oct 27 high of $0.6724 would clear the way to Sep 18 high of $0.6798. Conversely, losses past Monday's low of $0.6589 would turn focus to Oct 20/8 lows of $0.6553/47.
  • Worth watching today's RBA MonPol decision, with the U.S. election & FOMC MonPol decision on the radar later this week.
  • Locally, all eyes are on tomorrow's labour market report. Later in the week, flash ANZ Business Confidence hits Thursday & inflation expectations come out Friday.
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