NZD/USD was well bid on Monday, as risk........>

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).