NZD Digests Latest Comments From RBNZ Gov Orr

NZD/USD pushed higher on Monday, after New Zealand's ruling Labour Party secured a landslide victory in the country's general election, but erased gains in U.S. hours amid a poor session on Wall Street, with the latest U.S. fiscal headlines under the microscope.

• NZIER released their Quarterly Survey of Business Opinion, which showed improvement in confidence, reinforcing expectations of a V-shaped economic recovery, even as "businesses on the whole are still feeling downbeat".
• RBNZ Gov Orr appeared on a panel on "Regulatory Reform" at INFINZ conference, noting that the central bank is aware of asset-price inflation, adding that it is prepared to act if banks get carried away. Orr reiterated that the RBNZ will shed some light on its policy options in Nov and said that policymakers would prefer fighting with high inflation to battling deflation, while pointing to ample policy room.
• PM Ardern said that her talks with the Green Party on yet unspecified form of cooperation will conclude next week with an announcement of the results. The following week, she will reveal her ministerial nominations.
• NZD/USD has given away 10 pips so far and trades at $0.6596, below Monday's worst levels. A dip through the 100-DMA at $0.6587 and Oct 15 low of $0.6576 would open up Oct 8 low of $0.6547. Conversely, a jump above yesterday's peak at $0.6646 would turn focus to Oct 14 high of $0.6682.
• NZ reports credit card spending on Wednesday, but main focus falls on Friday's quarterly CPI data.