NZD/USD runs into fresh offers and loses over 50-pips after New Zealand authorities announced that they've found one case of community COVID-19 spread in Auckland.
New Zealand has relative success in combating the covid spread when compared to the rest of the world. Although the spread of the Delta covid variant appears to be reaching the South Pacific Island nation, despite the closure of the borders still in place.
The report seems to have poured cold water on expectations of a 50 bps RBNZ rate hike on Wednesday, weighing heavily on the kiwi dollar.
At the time of writing, NZD/USD is dropping 0.74% on the day, hitting the lowest levels in two weeks at 0.6962.
Read: RBNZ set to hike OCR by 25bps to 0.50% on Wednesday – Reuters poll
NZD/USD: 15-minutes chart
NZD/USD technical levels to watch
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