NZ Job Ads Continue To Grow, QV Says Housing Market Is Cooling

NZD/USD bounced from a one-week low Monday amid a recovery in oil prices. The rate dipped to its intraday low of $0.6969 in Asia-Pac hours, but then rallied off there, returning above the $0.7000 as a result.

• BNZ said that NZ job ads rose 1.7% M/M in July and now sit 28% above pre-Covid levels. There is little of note left on the local docket today, but New Zealand's REINZ House Sales, food price index & the RBNZ's measure of inflation expectations will all hit the wires tomorrow.
• REINZ data will come on the heels of the QV House Price Index released today, which showed a third straight reduction in three-monthly value growth in the period through the end of July. QV General Manager said that "the market is clearly cooling now as a result of government and Reserve Bank policy initiatives aimed at dampening the enthusiasm of investors".
• Also tomorrow, PM Ardern will shed some light on the gov't's stance on reopening borders. A group of health experts advising the gov't said that Aotearoa should complete the rollout of Covid-19 vaccines before reopening its borders in 2022, owing to the emergence of the Delta variant. Ardern is expected to respond to this advice in her address tomorrow.
• NZD/USD last sits at $0.7010, barely changed on the day. Bulls look for a jump above Aug 4 high of $0.7089, which would shift focus to Jul 6 high of $0.7105. Conversely, a dip through yesterday's low of $0.6969 would bring Aug 2 low of $0.6953 into play.