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Comments from RBNZ Gov Orr allowed NZD/USD.....>

KIWI: Comments from RBNZ Gov Orr allowed NZD/USD to return into positive
territory after falling early doors on the back of a BBG source story re: the
U.S. holding off on a decision about licenses for U.S. companies to do business
with Huawei. Orr noted that NZ is "in a great starting position" to face
increasing headwinds, while the FX rate remains competitive on the avg basis.
- This places NZD/USD at $0.6487 and 7 pips higher on the day. Bulls look for a
move above the $0.6500 barrier, which would open up $0.6536, the 38.2% fibo
retracement of the Jul-Aug slide. On the downside, focus falls on the Oct 8 2018
low/lower Bollinger band (2%) at $0.6425/21.
- The rate managed to snap a 10-day losing streak yesterday, as risk sentiment
revived after the PBoC fixed yuan below the RTRS estimate. U.S. Pres Trump's
complaints about USD strength aided the upswing in U.S. hours. RBNZ's Orr &
Hawkesby spoke yesterday, broadly reiterating the Bank's post-MonPol message.
- NZ docket today features only low-key data, but China's inflation numbers &
Sino-U.S. trade matters will be in focus. NZ highlights next week include
domestic FPI (Tuesday) & BusinessNZ m'fing PMI (Friday).

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