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NZD/USD extended this week's gains Tuesday, with the kiwi outperforming all of its G10 peers save for the SEK. Fed Chair Powell's congressional testimony sapped strength from the greenback, as the off'l reiterated that inflation is expected to return towards the target.
- New Zealand halted quarantine-free travel with New South Wales for 72h after finding that an Australian traveller who visited Wellington tested positive for Covid-19 upon their return to Sydney. NZ officials identified "locations of interest" visited by the positive case and asked any close contacts to get tested and self-isolate. New Zealand's Director-General of Health Bloomfield said that officials are reviewing the case for implementing restrictions in the capital and "everything's on the table".
- The next point of note on the local docket is Friday's release of the monthly trade report.
- NZD/USD last trades at $0.7020, 5 pips lower on the day. Bearish focus remains on $0.6923, which represents the low print of Jun 18. On the flip side, a rally above the 200-DMA at $0.7047 would bring Jun 15 high of $0.7161 into view.