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NZD/USD tumbled Monday on the back of broader market impetus rather than any idiosyncratic factors. The spread of the Covid-19 Delta variant inspired a flight to safety, while softer crude oil prices sapped strength from commodity-tied FX. Regionally, simmering Sino-U.S. tensions and a difficult Covid situation in Australia may have helped undermine the kiwi. NZD/USD bottomed out at $0.6916, its lowest point since Nov 23, 2020.
- New Zealand's Ministry of Health said that the decision on halting quarantine-free travel corridors with Victoria and NSW will be reviewed on Wednesday.
- New Zealand's credit card spending will take focus on Wednesday. Outside of that, the local data docket is fairly empty this week, albeit PBOC LPR fixing & minutes from the RBA's latest monetary policy meeting may provide some interest today.
- NZD/USD 1-month implied volatility surged yesterday, reaching strongest levels since early April. It still sits close to yesterday's peak, last at 10.04%.
- Spot NZD/USD last changes hands at $0.6941, little changed on the day. A clean break under the aforementioned $0.6916 level would shift focus to Nov 17/18, 2020 lows of $0.6876. Bulls look for a rebound above Jul 15 high of $0.7045, towards Jul 7 high of $0.7061.