NZIER QSBO Sees Momentum Building In Economy, NZD/USD Hovers Above 50-DMA

NZD/USD edged lower on Monday as risk aversion lent support to the greenback in holiday-thinned trade, ahead of today's congressional testimony from Tsy Sec-designate Yellen. The rate extended Friday's losses, printing its worst levels since Dec 29, but failed to test the nearby 50-DMA.

• A dip through the trough of Dec 28 at $0.7084 & the aforementioned moving average, intersecting at $0.7077, would allow bears to set their sights on Dec 21 low/round figure at $0.7003/00. Bulls need a clearance of Jan 13 & 14 highs of $0.7240 before targeting Jan 6 high of $0.7315. The rate last changes hands at $0.7115, a touch higher on the day.
• NZIER released their Q4 Quarterly Survey of Business Opinion, with their principal economist noting that momentum appears to be building in the economy.
• New Zealand's Covid-19 Response Min Hipkins said that the gov't decided to extend pre-departure testing to all inbound travellers, except those from Australia, Antarctica and most Pacific islands.
• ICYMI, the RBNZ said they are putting the publication of some statistical releases on hold, following the illegal breach of their file transfer system.
• Separately, Statistics NZ said they will not publish seasonally adjusted card spending data, owing to the impact of Covid-19 on seasonal patterns. Unadjusted retail spending rose 3.5% Y/Y in December.
• New Zealand's BusinessNZ M'fing PMI & CPI will hit the wires on Friday.