NZD/USD stabilises near cyclical lows printed last week, which the kiwi finished as the third-worst performer in G10 FX space, with none of the majors beating the greenback. The rate last operates at $0.5746, little changed on the day.

• From a technical perspective, losses past Mar 23, 2020 low of $0.5591 would expose Mar 19, 2020 multi-year low of $0.5470. Conversely, a return above the $0.6000 mark would give bulls some reprieve.
• The market's view on the RBNZ's next monetary policy review has been little changed in recent weeks, with meeting-dated OIS implying a ~50bp hike to the OCR, despite notable depreciation in the kiwi dollar's exchange rate. The RBNZ's TWI landed at a new cycle low of 69.0 last Friday, increasing its distance from the 71.7 level projected in the August MPS for the entire forecast horizon.
• New Zealand's financial markets are closed as the country observes a national Memorial Day to mark the death of Queen Elizabeth II.
• Local data highlights this week include ANZBO (Thursday), as well as ANZ-Roy Morgan Consumer Confidence & building permits (Friday).
• Separately, RBNZ Gov Orr will speak at two events on Tuesday and Friday. Tomorrow morning, he will use his appearance at the NZCTU Alternative Economic Strategy Launch to discuss the August MPS and his views on productivity in New Zealand.