Over To You, Governor Orr

NZD/USD was biased lower yesterday, as Fed rhetoric created some fresh demand for the greenback. Fed Chair Powell warned against an uncertain path to economic recovery, while Chicago Fed Pres Evans said that a rate hike before inflation averages at 2% is not ruled out, with both officials calling for further fiscal support. The rate dipped below its 50-DMA, which was last tested two weeks ago.

• The main event on New Zealand's calendar is the RBNZ's Monetary Policy Review. We have prepared our usual preview, which can be accessed by clicking here.
• Looking further afield, New Zealand's trade data comes out on Thursday.
• On Tuesday evening, NZ PM Ardern sparred with National leader Collins in the first leaders' debate of this electoral cycle, hours after the release of the latest opinion poll showing that Labour retains a comfortable 17-point lead over its main competitor.
• With NZD/USD trading little changed at $0.6630, bears look for a fall through Sep 9 low of $0.6601 before taking aim at Aug 20 low of $0.6489. On the flip side, a jump above Sep 18 YtD high of $0.6798 would give bulls a fresh impetus, confirming the resumption of an uptrend.