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NZ Delays General Election, Covid-19 Matters In Focus

KIWI

NZD/USD edged higher after U.S. equity index futures re-opened on the front foot, looking through some potentially risk-off developments from over the weekend, outlined earlier. The pair has eased off and sits at $0.6543, little changed on the day.

  • NZ PM Ardern announced that the general election will be postponed by four weeks until Oct 17, after the coronavirus has started to resurface in New Zealand.
  • Parliament will reconvene tomorrow, but the Epidemic Response Committee will not be reinstated.
  • Per the latest statistics, New Zealand has 69 confirmed active Covid-19 cases. The daily update from New Zealand's Director-General of Health is due 13:00 NZST.
  • New Zealand's Services PMI was steady at 54.3 in July.
  • A clearance of Aug 11 high of $0.6627 would allow bulls to set their sights on Aug 7 high of $0.6691. Bears would be pleased by a fall through Aug 12 low of $0.6525, which would turn focus to Jul 14 low of $0.6503.
  • NZ economic docket is relatively uninspiring this week, with credit card spending coming up on Friday.
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