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NZD/USD shook off its initial weakness on Tursday and crept uphill, despite having some brief hiccups ahead of the WMR fix. Greenback sales helped the rate register gains, as DXY fell to a multi-year low. Although softening USD can explain part of the move, familiar headwinds to NZD (Covid-19 situation, MonPol matters) remained, which made Tuesday's dynamic recovery reminiscent of a short squeeze. The Kiwi showed little interest in the results of the latest GDT auction, which saw headline price index & whole milk powder prices inch lower.
- New Zealand's Health Minister ruled out putting Auckland on alert level 4, arguing that level 3 measures are helping to contain the spread of Covid-19. The city council chief economist estimated that Auckland is losing 250 jobs and up to NZ$75.mn a day.
- New Zealand's input & output PPIs declined in Q2, falling 1.0% Q/Q & 0.3% Q/Q respectively.
- NZD/USD trades flat at $0.6602, with bulls looking to take out Aug 11 high of $0.6627. Above there opens Aug 7 high of $0.6691. On the downside, focus falls on Aug 17 low of $0.6520 and a break here would expose Jul 14 low of $0.6503.
- RBNZ Asst Gov Hawkesby will speak on using balance sheet tomorrow. New Zealand's credit card spending comes out on Friday.