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KIWI: NZD/USD was well bid on Monday, as risk appetite firmed up amid optimistic
signals surrounding global attempts to produce a Covid-19 vaccine. Both sides of
the pair landed at the opposite ends of the G10 scoreboard, with the rate
retaking its 50-DMA.
- As the coronavirus situation has taken centre stage, it is easy to forget that
New Zealand is in its election year. Worth flagging Monday's poll from Reid
Research/Newshub, which showed a surge in support for PM Ardern's Labour Party.
Labour had the backing of 56.5% of respondents vs. 42.5% in Feb, while the
opposition National Party was backed by 30.6% vs. 43.3% in Feb.
- NZD/USD fluctuates around neutral levels, last trades +5 pips at $0.6046. A
rally above May 11 high of $0.6156 would turn focus to Apr 30 high of $0.6176, a
key near-term resistance. Meanwhile, a slide under May 15/Apr 23 lows of
$0.5921/11 would give bears some impetus, opening up Apr 3 low of $0.5844.
- Local PPI data will be released shortly. Looking further afield, New Zealand
reports FPI (Weds), credit card spending (Thurs) & retail sales (Fri).