NZD/USD is back from an early high of..........>

KIWI: NZD/USD is back from an early high of $0.6050 printed in reaction to

better than expected quarterly CPI data out of New Zealand. CPI inflation

accelerated to +2.5% Y/Y and +0.8% Q/Q, with projections of +2.1% Y/Y and +0.4%

Q/Q. The release allowed NZD/USD to stage a foray into positive territory, after

facing some modest selling pressure alongside its commodity-tied peers AUD & CAD

as oil started the week on a softer footing. NZD/USD trades -7 pips at $0.6028.

- The main focus is on any fallout from NZ Cabinet meeting, as ministers are

debating whether to ease or extend the "level 4" lockdown measures. The decision

is due at 16:00 local time. As a reminder, FinMin Robertson suggested last week

that the alert level system works in two-week blocs.

- Fonterra CEO told TV NZ that the firm is doing "pretty well" and is "confident

of that $11bn going back into NZ economy". Fonterra chairman warned against the

impact of Covid-19 pandemic, but pointed to green shoots in demand from China.

- Bears see Apr 16 low of $0.5922 as their initial target, followed by Apr 3 low

of $0.5844. Bulls look to take out the 50-DMA/Apr 14 high at $0.6123/31.

- Coming up later this week we have Thursday's credit card spending.