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New Zealand Back From Holiday, PM Ardern Rules Out Rent Controls

NZD

Softer front-end U.S. Tsy yields dragged the greenback lower Monday, with NZD/USD grinding higher as a result. New Zealand markets were shut for a holiday, but a degree of spillover from AUD strength may have helped the kiwi.

  • NZD/USD last trades at $0.6635, little changed on the day. Bulls need a clearance of Feb 4 high of $0.6684 before taking aim at the $0.6702/03 area, which limited losses in Dec. Conversely, bears look for a slide through Feb 4 low of$0.6590, which would shift focus to Jan 28 low of $0.6530.
  • PM Ardern this morning ruled out implementing rent controls, albeit she added that the government keeps an eye on rental market developments. This follows last week's comments from Housing Min Williams, who suggested that no measures were off the table amid a surge in rents.
  • RBNZ Gov Orr's address on the "Future of Money" today is unlikely to move the markets. Looking further afield, New Zealand's inflation expectations are due Wednesday, with card spending & BusinessNZ M'fing PMI coming up Friday.
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