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New Zealand (NZ), Finance Minister Grant Robertson announced on Monday, they will extend the mortgage deferral scheme, which was set to expire on September 27, by six months to now end March 2021.

Commenting on the wage subsidy extension, Robertson said that it will cover 470K jobs while costing the economy around NZD510 million.    

The new wage subsidy will help support cashflow and confidence, he added.

On Friday, he said that the wage subsidies extension could cost the economy NZD1 billion.

NZD/USD back on the bids

NZD/USD picked up fresh bids on the above comments, heading back to test the 0.6550 level, up 0.07% on the day. The spot hit a low of 0.6527 in early trades.