Free Trial

Wellington Restrictions, Pause On Travel Corridor With NSW Extended

NZD

NZD/USD last sits at $0.7068, marginally lower on the day at typing, following the extension of Wellington restrictions by two days. This comes after a five-day winning streak for NZD/USD.

  • NZ Covid-19 Min Hipkins said existing rules will remain in place at least through Tuesday, even as officials have not found any new cases in the community. In addition, the pause on quarantine-free travel to NSW was extended by 12 days.
  • There will be a regular update on the Covid-19 situation at 1300NZST/0200BST, while Covid-19 Min Hipkins will appear alongside PM Ardern at a post-Cabinet press briefing at 1600NZST/0500BST. The Cabinet are set to discuss how to address the risk of a Covid-19 outbreak.
  • In an analytical note released this morning, BNZ said that the RBNZ could end QE operations in coming months, "since the RBNZ would want to stop adding to its stock of bond holdings before it starts raising the OCR".
  • On the NZ docket this week we have final ANZ Business Confidence (Wednesday), building permits (Thursday) & ANZ Consumer Confidence (Friday).
  • Bears need a retreat below the 200-DMA at $0.7052, before taking aim at Jun 18 low of $0.6923, a key support level. Bulls look for a jump above last Friday's high of $0.7095, which would shift focus to Jun 15 high of $0.7161.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.