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KIWI: NZD/USD trades 27 pips better off at $0.6117, as the kiwi has traded on a
firmer note amid talk of liquidity drying up. PM Ardern told reporters this
morning that there is no community transmission of the novel coronavirus in NZ
and thus there's no need to call of larger gatherings, but her gov't is
discussing tightening border restrictions. Elsewhere, NZ FinMin Robertson has
cancelled his trip to Australia to focus on finalising a business support
package, which he might unveil next week.
- The local data saw BusinessNZ M'fing PMI print at 53.2 vs. the prior 49.8,
albeit accompanying commentary noted an increasing number of references to
Covid-19. Food Price Index held steady after rising 2.1% M/M in Jan.
- A break above yesterday's peak at $0.6276 would give bulls some relief, but
the level remains quite far off. A drop below yesterday's trough at $0.6086
would return the focus to the Mar 9 low of $0.6014.
- NZ docket next week features Westpac Consumer Confidence (Tuesday), BoP
Current A/c Balance (Wednesday), Q4 GDP (Thursday) & card spending (Friday).
There's a GDT auction coming up next Tuesday.