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(N2) Bull Trend Extends


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KIWI: AUD/NZD strength post-AU labour market report & CAD weakness weighed on
NZD/USD, which last deals 10 pips or so softer on the day at $0.6555. This comes
after the pair was boosted by the U.S./China trade & NAFTA headlines Wednesday.
- Fonterra announced a total cash pay-out for the 2017/18 season of NZ$6.79 per
kgMS, and left its FY18/19 Farmgate Milk Price forecast unch. At NZ$6.75. The
co-op also reported the first annual loss in its history.
- REINZ home sales rose 3.1% Y/Y in August, with the house price index up 4.1%
over the same period.
- Support is noted at the YTD low ($0.6501), intertwined with touted option
linked support at $0.6500. A break here is likely to accelerate the move to
$0.6462 (February 02 2016 low), ahead of the 2016 lows ($0.6348). Resistance is
located around $0.6640.
- The NZ docket is somewhat limited for the remainder of the week so the pair is
likely to trade off of global risk perceptions & the direction of the AUD/NZD
cross. Domestic focus now moves to next week's NZ GDP release and Q3 Westpac
Consumer Conf. survey.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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