NZD/USD has recovered initial losses, as.......>

KIWI: NZD/USD has recovered initial losses, as aforementioned headlines re:

Denmark giving a thumbs-up to EUR400bn in grants as part of EU Covid-19 fiscal

package briefly lent some light support to risk assets. The rate sits at

$0.6558, just marginally above neutral levels as we type.

- New Zealand's June Performance of Services Index, released this morning,

improved to 54.1 from 37.5, although the employment sub-index printed at 45.1,

thus remaining in contraction.

- A break above Jul 15 high of $0.6584 is needed to bring Jul 9 high of $0.6601,

the best level since January, into view. Bears see Jul 14 low of $0.6503 as

their initial target and a break here would open Jun 22 low of $0.6377.

- New Zealand reports credit card spending tomorrow, with trade balance due

Friday. Participants will also watch any fallout from Australia this week,

specifically Tuesday's RBA rhetoric & Thursday's economic and fiscal update from

Treasurer Frydenberg.