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Headwinds

NZD

Spot USD/NZD is trading with minor losses, last at 0.7213 down around 8 pips on the session. Data showed the January activity index rose 0.8% Y/Y, but the statement from the treasury accompanying the release said growth is slower than in the previous months due to contradicting signals from the constituent indicators and activity could be starting to plateau.

  • The NZD also coming under pressure after reports of a locally transmitted COVID-19 case, the new case is a household contact of the three community cases announced on Wednesday, said the health ministry. The total number of active cases in New Zealand is 50. The total number of confirmed cases is 1992.
  • As a note the RBNZ will maintain its QE purchases next week, buying NZD 570m of government securities from the market under the LSAP programme.
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