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Remains Afloat

NZD

NZD was among the few G10 currencies which managed to eke out gains vs. USD on Monday, as the kiwi topped the pile amid M&A chatter surrounding the acquisition of Tilt Renewables' assets. NZD/USD peaked at $0.7216 in Asia-Pac hours and pulled back from there, but regained poise over the WMR fix and managed to hold gains in the NY session.

  • New Zealand's Inland Revenue has launched a probe into the booming real estate sector, targeting "underreporting of income and the overstating of expenses."
  • NZD/USD trades +8 pips at $0.7202, with bulls looking for a break above Mar 11 high of $0.7241 before targeting Mar 2 high of $0.7307. Bears would be pleased by a dip through Mar 12 low of $0.7151, which would give them a green light for targeting Mar 5 low/100-DMA at $0.7100/0.7098.
  • Focus turns to credit card spending, due later today, as well as Wednesday's BoP current account balance & Thursday's GDP.
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