Kiwi Starts Week On Softer Footing

NZD/USD made an attempt to recoup its initial losses into Monday's WMR fix, but failed and slipped again in the NY session. The kiwi was the worst performer in G10 FX space and greenback outperformed, despite broadly positive risk tone.

• The rate last operates at $0.6985, marginally above neutral levels. Bulls look for a break above Jul 6 high of $0.7105, while bears keep an eye on $0.6923, which limited losses on Jun 18/Jul 9.
• New Zealand's REINZ House Sales Index rose 6.2% Y/Y in June, slowing from an 81.4% Y/Y increase recorded in May, but median prices for residential property grew 28.7% Y/Y, while REINZ House Price Index reached new record highs. REINZ CEO Baird commented that "more than half of the regions saw an uplift when compared to May suggesting that the market is refusing to cool."
• Elsewhere, PM Ardern said that APEC leaders will hold an additional virtual summit this Friday, in addition to its regular end-of-year meeting, to discuss the economic consequences of the Covid-19 pandemic.
• New Zealand's food price index comes out shortly. Looking further afield, the latest RBNZ MPR is due tomorrow, while BusinessNZ M'fing PMI & CPI will be out on Friday.