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Kiwi Recoups Monday's Losses

NZD

NZD/USD crept higher Tuesday amid broader weakness in the USD. That said, the rate gave away some gains as risk appetite soured in U.S. hours. It has a look above Monday's high, but failed to consolidate there.

  • GDT price index & whole milk powder price index both fell just 0.2% in the latest auction. It was the fourth auction which saw the index remain little changed.
  • New Zealand's Auditor-General said hat his Office is worried about the pace of national Covid-19 vaccine rollout, which may take longer than planned.
  • New Zealand's quarterly PPI comes out shortly, with credit card spending due Friday. As we mentioned before, Thursday's delivery of 2021 Budget provides the main point of note on this week's calendar.
  • NZD/USD last sits at $0.7243, marginally lower on the day. A fall through May 17 low/100-DMA at $0.7182/80 would open up the 50-DMA/May 13 low at $0.7143/35. On the flip side, May 10/Mar 2 highs of $0.7305/07 provide the initial layer of resistance.
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