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KIWI: Ahead of the publication of New Zealand's GDP figures for Q1, NZD/USD
trades at $0.6537, barely changed on the day. The key data is expected at 23:45
BST and concludes NZ releases for this week.
- This comes after NZD/USD added 8 pips Wednesday, registering a higher high and
higher low. Despite slipping in the European morning, the rate ticked away from
lows into the WMR fix before jumping on the back of the latest FOMC MonPol
decision, which saw members put a rate cut on the table, despite standing pat on
policy this time. However, the bulk of the spike was promptly erased as many
expected the Fed's communique to be somewhat more dovish than it was.
- Also worth reminding that NZ BoP c/a balance flipped to a surplus in Q1, while
overall c/a deficit declined from 3.8% to 3.6% of GDP, as per data released on
- A foray above the 21-DMA/yesterday's peak at $0.6560/63 would expose the 23.6%
fibo retracement of the YtD range, located at $0.6590. A downside breach of
Monday's high/Wednesday's low of $0.6515/14 would bring into play the
$0.6489-91, which registered lows on Jun 14, 17 & 18.