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NZD/USD traded sideways Monday, finishing......>

KIWI
KIWI: NZD/USD traded sideways Monday, finishing close to neutral levels. The
kiwi found a modicum of support from China's pledge of more effective fiscal
stimulus & upbeat rhetoric re: coronavirus spread initially. NZD/USD eased off
later on, extending losses as PM Ardern pointed to the impact of the Covid-19
outbreak on NZ growth outlook. That said, the rate recouped some of those losses
in the London afternoon and consolidated the move late doors.
- NZD/USD last sits at $0.6435, virtually unchanged on the day. REINZ published
its house sales data this morning, showing a 3.2% Y/Y growth.
- A clearance of the 23.6% retracement of the Dec 3 - Feb 11 slide at $0.6467
would open up the 100-DMA at $0.6484. On the flip side, bears look for a dip
through Friday's low of $0.6423, towards the Feb 11 low of $0.6378.
- The Serious Fraud Office has opened a probe into the NZ First Foundation
linked to PM Ardern's junior coalition partner. Allegations of misconduct may
prove to be a burden for the ruling coalition in the election year.
- The focus turns to GDT auction results, due in Tuesday's London afternoon, as
well as NZ Q4 PPI, due Thursday.
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