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NZD/USD Range-Bound, Hovers Near Last Week's Lows

KIWI

NZD/USD has fluctuated around neutral levels this morning, with focus on familiar risk developments. The rate trades +5 pips at $0.6633 as we type.

  • PM Ardern told RNZ this morning that the community outbreak of Covid-19 in Melbourne has significantly derailed plans to establish the trans-Tasman travel bubble and suggested that Australia may need several months to meet the criterion of 28 days without any community transmission, needed to make the travel bubble possible.
  • Bears look for a dip through Jul 24 low of $0.6615 before attempting a move at $0.6532-28, which limited losses on Jul 15-20. Conversely, a clearance of Jul 31 high of $0.6716 would expose Dec 31, 2019 high of $0.6756.
  • Focus in NZ turns to Wednesday's labour market report and Thursday's 2-Year Inflation Expectation.
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