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Kiwi Trades On Heavier Note, Cabinet To Review Covid Traffic Light Settings

NZD

NZD/USD has edged lower as the new week got underway, it last changes hands -14 pips at $0.6914. Bears set their sights on $0.6876, which limited losses on Mar 29. A dip through this point would mark the formation of a mini-double top pattern, fuelling bets for a deeper sell-off. Conversely, a rally above Mar 30 high/round figure of $0.6998/0.7000, which would reinstate the broader bullish theme.

  • The RBNZ is reviewing its monetary policy remit and invites the public to participate in two rounds of consultations this year, before submitting its advice to the Finance Minister in 2023. The current remit expires in early 2024, with the central bank required to convey its views on any proposed changes by Nov 13, 2023.
  • PM Ardern confirmed that the traffic light framework of Covid-19 response "absolutely" allows for regional differences in moving between alert levels ahead of today's review of the system's settings. The Cabinet will debate the future of the traffic light system as the removal of vaccine passes comes into force.
  • Focus moves to New Zealand's CoreLogic House Price Index, due Tuesday.

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