NZD/USD has shed 9 pips and sits at $0.6453....>

KIWI: NZD/USD has shed 9 pips and sits at $0.6453. The local building permits

were out earlier today & printed at +9.9% M/M vs. the previous -8.4%. Meanwhile,

Barfoot & Thompson reported the best January house sales in four years.

- The rate finished marginally lower Monday, as supportive policy measures from

China helped NZD, while firmer than exp. local m'fing PMI surveys aided USD.

- Below the 61.8% retracement of the Oct 1 - Dec 31 rally at $0.6415 would open

the $0.6400 mark, where the rate formed a base in late Nov. Bulls look to the

50% retracement of aforesaid rally at $0.6480, followed by the $0.6507 200-DMA.

- On Monday, NZ gov't imposed a ban on travellers from China as a protective

measure against spreading coronavirus. The move is expected to weigh on the

local economy, as Chinese tourists account for ~10% of foreign visitors to NZ.

- NZ focus turns to Q4 labour mkt report (Wednesday) and Q1 2-yr inflation exp.

(Friday), some of the last releases before the RBNZ MonPol meeting, scheduled

for next week. Elsewhere, there is a GDT auction coming up later today.

- Offshore, worth watching today's monetary policy decision from the RBA, as

well as Wednesday's Caixin Services PMI & Friday's trade balance out of China.