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AUD/NZD spiked ~60 pips higher upon.....>

AUSSIE-KIWI: AUD/NZD spiked ~60 pips higher upon the release of downbeat NZ
labour market data. Although Q1 unemployment edged lower to 4.2% from 4.3%, this
was due to a decline in participation rate, as employment change moved into
negative territory on a Q/Q basis. Wage data also painted a rather pessimistic
- Elsewhere, Australian AiG m'fing PMI accelerated to 54.8 from 51.0.
- This comes after the rate slid 25 pips Tuesday as the Aussie finished at the
bottom of the G10 pile, with the rate continuing its recent pullback from the
Apr 17 YTD high of NZ$1.0732.
- The rate last deals at NZ$1.0595, 35 pips higher on the day. Bulls need a
clean topside breach of the NZ$1.0600 mark and the 21-DMA, situated a further 4
pips above, before challenging the Apr 25 high of NZ$1.0643. Conversely, bears
look for a return below NZ$1.0589/88, which capped gains on Apr 26/29. A move
through the levels would open up yesterday's low of NZ$1.0551, which has limited
losses also today.

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