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NZD Top Of The G10 Pile In Early Trade

FOREX

NZD is the biggest G10 winner so far, NZD/USD up 12 pips after a decline on Monday. New Zealand PM Ardern suggested that the gov't is considering new tools to tackle the risk of a renewed outbreak of the virus, albeit she didn't point to any drastic measures. Markets await a speech from of RBNZ Governor Orr during the Sydney afternoon.

  • AUD/USD is flat, local COVID matters will likely remain front and centre on Tuesday, with a distinct lack of domestic event risk on the docket. ANZ showed weekly consumer confidence fell 0.2pts to 112.2. ANZ said that the latest COVID-19 outbreak was to blame for the slight deterioration.
  • USD/JPY is down 2 pips. Data showed the jobless rate rose more than expected to 3.0% from 2.8% last time out, while retail sales performed better than expected rising 8.2% Y/Y and falling 0.4% M/M. PM Suga said late Monday that the gov't remains on alert amid an uptick in new Covid-19 infections in the capital.
  • Offshore yuan is slightly stronger, moving in a narrow range in early trade and inside yesterday's moves. The US House passed two bills on Monday that are expected to form the basis of the US-China competitiveness bill. Late Monday the PBOC concluded its quarterly meeting and said the economy is showing more stability and improvement.
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