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NZD Finds Support In Expected Covid Restrictions Relaxation

KIWI

NZD/USD was in demand Monday as the kiwi drew support from the planned easing of social restrictions in New Zealand (and earlier, in anticipation to the announcement). Greenback strength was sapped by firmer U.S. equities., following some M&A headlines and positive mood surrounding coronavirus vaccine research.

  • The government announced that New Zealand's financial companies with more than NZ$1bn in assets will be required to report on climate change risks and plans to mitigate them.
  • The rate last sits at $0.6702, little changed on the day. A break above Sep 4 high of $0.6735 would allow bulls to target Sep 2/Jul 19, 2019 highs of $0.6789/91. Conversely, a fall through the 50-DMA at $0.6625 would open up Sep 9 low of $0.6601.
  • Focus moves to tomorrow's BoP current account balance and Thursday's Q2 GDP, but worth watching today's activity indicators due out of China as well.
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