NZD/USD Returns Below $0.73 As U.S. Equities Retreat

NZD/USD erased all of its earlier gains in Monday's NY session, as risk appetite turned sour and U.S. equity benchmarks swung into loss. Despite briefly showing above the $0.7300 mark for the first time since Mar 3 in early trade, the pair finished the day in negative territory.

• ANZ Heavy Truckometer Index fell 1.2% M/M in Apr after a revised 3.0% increase the previous month. ANZ commented that despite continued volatility, the index shows "a busy economy."
• New Zealand's card spending data hit the wires shortly, with food price index coming up Thursday & BusinessNZ M'fing PMI due Friday.
• Offshore developments will likely provide some interest today. It's a Budget Day in Australia, while China releases April inflation data.
• The rate has extended losses this morning and last trades at $0.7262, 15 pips worse off on the day. A break under May 4 low of $0.7116 would set the scene for a deeper slide. Conversely, bulls look for a jump above Monday's/Mar 2 highs of $0.7305/07 would open up Feb 25 high of $0.7465.