NZ Filled Jobs Rise On Election Hiring, ABS Survey Sees House Price Exp. At Record Highs

NZD/USD trades a handful of pips higher, after extending its winning streak to four consecutive weeks. The rate last sits at $0.7035, 8 pips better off & just shy of the new cycle high printed last Friday. That cycle high, located at $0.7039, provides the initial bullish target. A break here would open up Jun 6, 2018 high/76.4% recovery of the 2017 - 2020 slide at $0.7060/65. Conversely, a fall through Nov 26 low of $0.6993 would encourage bears to take aim at $0.6897, which limited losses on Nov 23.

• ASB published their housing market survey, conducted in the three months through Oct, which showed that house price expectations rose to the highest level on record. ASB noted that "housing is increasingly being perceived as a one-way bet."
• Elsewhere, Stats NZ released monthly employment indicators for Oct, with filled jobs rising 0.5% M/M on the back of general election staff hiring and growth in m'fing, retail and hospitality.
• PM Ardern told Newstalk ZB that a Covid-19 vaccine could be rolled out in Mar, but warned that the gov't is still finalising the arrangements and "it won't happen in one fell swoop."
• Final ANZ Consumer Confidence is due at the top of the hour. Later in the week, focus moves to CoreLogic House Price Index (Tuesday), terms of trade (Wednesday), building permits & NZ gov't 4-month financial statements (Thursday) and volume of all buildings (Friday).
• Offshore, official Chinese PMI data will provide interest today.