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Firmer Commodity Complex Helps Kiwi Shake Off Covid Worry

NZD

NZD/USD rose for the third day in a row Wednesday, after shaking off initial weakness seen after NZ off'ls found out that a person infected with Covid-19 visited the country. The rate advanced in tandem with BBG Commodity Index and remained afloat despite recovery in the DXY.

  • As a reminder, Wellington is in Covid-19 alert level 2 through the end of this week, after a positive case from Australia visited the city.
  • Local media took note of the recent comments from Secretary to the Tsy McLiesh, who rarely speaks publicly. McLiesh revealed that the gov't is studying "opportunities to modernise the public finance system" and noted that she sees room for active fiscal policy.
  • There are no NZ data releases scheduled for today, with monthly trade data coming up tomorrow.
  • NZD/USD last trades at $0.7049, little changed on the day and capped by the 200-DMA. A clean breach of that moving average would bring Jun 15 high of $0.7161 into play. Bears would be pleased by a slide through Jun 18 low of $0.6923.
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