NZD/USD trades flattish at $0.6056 in the......>

KIWI: NZD/USD trades flattish at $0.6056 in the lead-up to the local quarterly

labour market report. The release covers Q1 and therefore is a little bit

outdated, given the current dynamics, but it will give some insight into the

condition of New Zealand's job market before the introduction of nationwide

lockdown measures, which took effect in the second half of March.

- A fall below May 4 low of $0.6009 and Apr 28 low of $0.5992 would please

bears, opening up Apr 23 low of $0.5911. Conversely, a clearance of Apr 30 high

of $0.6176 would support the bullish case.

- This comes after a mixed Tuesday session for NZD, as oil-related bid in

commodity FX and a risk-off reception of the German Constitutional Court's

ruling on the ECB's PSPP pulled in the opposite directions.

- NZ QV House Price Index released very early this morning rose 7.1% Y/Y in Apr,

after increasing by 6.1% Y/Y the previous month.

- Worth reflagging the latest analytical piece on the economic impact of

Covid-19 containment measures from the RBNZ, covered in an earlier RBNZ bullet.

- Looking ahead, inflation expectations will be published tomorrow.