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No New Community Cases Of Covid-19 As Auckland Enters Second Day Of Lockdown

NZD/USD managed to register gains Monday as broader risk-on flows outweighed concerns over the snap lockdown implemented in Auckland over the weekend. The rate hit an intraday high of $0.7249 in the Asia/Europe crossover and a subsequent correction failed to drag NZD/USD into negative territory.
  • REINZ house sales rose 3.2% Y/Y in Jan after rising as much as 36.6% in Dec, with REINZ noting that the housing market was busier and more buoyanr than normal for Jan. House price index increased 19.3% Y/Y.
  • NZ FinMin Robertson said that the gov't will loosen requirements for one of its support schemes for businesses, the Resurgence Support Payment, if the current Covid-19 restrictions are extended.
  • New Zealand declared no new cases of Covid-19 in the community today.
  • NZD/USD last trades at $0.7232, slightly above neutral levels. Continued gains past Feb 9 high of $0.7254 would bring Jan 6 cycle high of $0.7315 into view. On the downside, focus falls on Feb 12 low/50-DMA at $0.7176/69 and a break here would expose Feb 5/2 lows of $0.7136/35.
  • Looking ahead, NZ PPI comes out this Friday.

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