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NZD/USD crept higher Monday, as broader risk sentiment improved, commodity markets firmed, and concerns over the Fed's recent hawkish rhetoric abated. The rate snapped its four-day losing streak, but failed to fully erase last Friday's losses, which made Monday a bullish inside day.

  • New Zealand's Westpac Consumer Confidence improved to 107.1 in Q2 from 105.2 recorded in Q1. Westpac noted that "New Zealand's economic recovery has been gaining traction in recent months, with a firming in activity seen across regions and sectors. Importantly, that includes the household sector, with a strengthening in the labour market, strong increases in retail spending, and continued gains in house prices."
  • The gov't has outlined criteria for NZ$1bn available through the Infrastructure Acceleration Fund, which aims at boosting housing supply. Local councils, iwi and residential property developers will be able to express interest in applying for gov't grants from Jun 30.
  • The NZ Tsy/RBNZ host a workshop on "Fiscal and Monetary Policy in the wake of COVID". The event has began, it takes place in Wellington and virtually. RBNZ Chief Economist Ha will speak in a panel discussion on "Key Issues in Public Policy" at 16:05 NZST.
  • On the data front, focus turns to New Zealand's credit card spending, due later today. The latest trade report will be published on Friday.
  • NZD/USD last trades at $0.6991, just above neutral levels. A break above the nearby $0.7000 figure would shift focus to the recently breached 200-DMA, which kicks in at $0.7045. Bears look for a dip through Jun 18 low of $0.6923, which would bring Nov 13, 2020 low of $0.6811 into view.