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A much stronger than expected domestic.........>

KIWI
KIWI: A much stronger than expected domestic building approvals print & the
latest Fonterra milk collection data did little to stir the NZD, with NZDUSD
operating within a 10 pip range, last at 0.7037.
- Immediate bearish focus remains on the low from December 20 (0.6952), although
the Bollinger base (0.6995) and oversold studies remain the key issues for
bears. Layers of resistance remain with bulls now needing a close above hourly
support from April 25 (0.7102) to gain breathing room.
- Focus falls on Wednesday's NZ quarterly labour market report, which could
garner more attention than usual after a labour market mandate was added to the
RBNZ's latest PTA when Adrian Orr assumed the role of Governor in late March.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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